BBOX secures $2.7M in pre-seed funding for decentralized derivative trading
On January 30, BBO Exchange (BBOX), a decentralized derivative trading platform, accomplished the closure of its pre-seed funding round. Co-led by notable early-stage venture funds Hashed and Arrington Capital, the funding round secured $2.7 million in capital, per the information shared with Finbold.
Significant participation was observed from key ecosystem contributors, including Consensys, CMS Holdings, Flow Traders, Manifold Trading, Mask Network, and Laser Digital (Nomura Group).
The funding round concluded in the previous year’s third quarter and received additional support from Arcane Group, Draper Dragon, Vessel Capital, Aulis Venture, Formless Capital, Press Start Capital, and One Piece Labs. Noteworthy industry figures, including Keone Hon and Hongbo Tang, also invested.
BBOX’s aim
BBOX is positioned to augment the DeFi space through its distinctive strategy in decentralized derivative trading. Serving as the inaugural perpetual decentralized exchange (DEX) incorporating Oracle Extractable Value within its liquidation process, the platform has introduced an auction mechanism that leverages the inherent latency in Oracle price updates.
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The platform’s multi-asset, signal-driven dynamic distribution Automated Market Maker (AMM) enables Liquidity Providers (LPs) to align their price ranges with other assets, replicating the tactics of proactive market makers while preserving the passive liquidity provision.
This capability allows LPs to focalize their liquidity within a dynamic price range, thereby improving market efficiency. These functionalities are facilitated through a user-friendly interface and a scalable Software Development Kit (SDK) design, catering to the needs of both DeFi power users and casual investors.
Future projects in line for BBOX
BBOX is in the final stages of preparations for introducing its signal-driven Automated Market Maker (AMM) on Linea, a zkEVM Layer 2 Network designed for scaling Ethereum decentralized applications (dApps). Registration is now available for participation in the BBOX private testnet. Notably, Linea is a creation of Consensys, a key investor in BBOX, thereby introducing an additional layer of synergy and technological expertise to the platform.
Edward Tan, an investor at Hashed, said:
“We believe Perpetual DEXs are one of the most profitable verticals in crypto, and we’re excited to back BBOX — a team that distinguishes itself well in a crowded, competitive market. The platform leverages Oracle Extractable Value (OEV) for liquidations and a dynamic multi-asset signaling AMM for on-chain traders while making capital work efficiently for liquidity providers. We believe the best people are leading this product — crypto-native experts with relevant experience in Traditional Finance, Quantitative Trading, and Engineering. Their collaboration with the Linea ecosystem will also bring their vision to fruition.”
Ray, the founder of BBOX, added:
“We aim to provide the entire DeFi ecosystem with both the infrastructure and the liquidity layer for derivative trading, and our ultimate goal is to create a venue where users can trade everything, earn on everything, and do both very effectively. This raise is a testament to our vision and the trust investors have in our ability to bring something fresh and exciting to the DeFi derivatives space.”
Ray, previously associated with Pyth Network and a former member of the crypto team at Jump Trading, co-founded BBOX with Olivia, who previously served as a senior software engineer at the U.S. exchange Coinbase. In the past year, BBOX gained distinction as one of the 12 projects Binance Labs chose during series 6 of their incubation season.
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