The major decentralized exchange (DEX) trading platform Switcheo has received an amount of $1.2 million in a strategic investment from various big investors. With this investment, Switcheo aims at developing a new decentralized derivatives exchange.
Those investors who participated in this strategic investment include cryptocurrency fund management firm Three Arrows Capitals, the major digital asset trading platform MXC Exchange, the decentralized finance (DeFi)-focused venture capital fund DeFiance Capital, the decentralized finance investment fund DeFi Capital, and Digital Assets Capital Management (DACM). With the help of these investors, the decentralized trading-focused platform Switcheo was able to secure an amount of $1.2 million.
Switcheo plans to roll out new DEX Demex
This investment will help Switcheo to expand its list of existing products. Reportedly, the firm is planning on rolling out a new decentralized exchange (DEX) for derivatives known as Demex. This DEX trading exchange will be introduced for derivates such as options, futures, and bonds.
Switcheo has already made one of the major decentralized exchanges on NEO. In addition to this, the other products of Switcheo include TradeHub, a trading side-chain, and a decentralized exchange on Zilliqa.
Investors have not only provided their support through making an investment but they will also be supporting Switcheo in the promotion of its brand. They will help the platform to gain more users as well as to roll out new DeFi products.
While commenting on this investment, the portfolio manager and founder of DeFiance Arthur Cheong said in a statement that they are thrilled to invest in the company as he said Switcheo has the capability to capture the decentralized derivatives market. He said:
“We believe decentralized derivatives will be one of the next major DeFi primitives to take off and Switcheo will be well-positioned to capture this market. We are excited to back them as one of the best builders in this space.”