Cypher, the Solana-based expiratory futures protocol, has raised $2.1 million in a seed round led by Sino Global Capital, SkyVision Capital, and Blockwall Capital. Over-the-counter (OTC) derivatives had a gross market value of $31.6 trillion in 2020 alone; yet, many significant fledgling markets lack effective trading exposure required. That is about to change, courtesy of Cypher’s efforts.
The company will use the fresh cash to build a protocol that will provide never-before-seen access to global markets, which will be made feasible by a synthetic derivatives product similar to a futures contract. Pre-public markets will provide the first opportunity for greater access. As it prepares for its impending launch, Cypher will use the funds raised to continue building a world-class team of engineers and product managers, as well as laying the basis for hyper-growth initiatives.
Sacra, Lagoon, GenesysGo, Switchboard, and Serum have all announced agreements with the protocol so far. The Serum DEX and Solana blockchain work together to create the fastest, most efficient way to exchange assets on a decentralized network.
According to Matthew Graham, CEO of Sino Global Capital, Cypher gives the public access to markets that were previously only available to private investors. They not only fully endorse this vision, but they also have high confidence in the Cypher team’s ability to execute in a community-first manner. They’re ecstatic to be co-leading their round and collaborating for years to come.
Cypher’s purpose, according to one of the project’s primary members, James, is to establish a framework that allows the community to construct and trade markets on nearly anything they choose. They’re more than simply a protocol; they’re a catalyst for change, allowing previously excluded parties to join while also allowing existing participants to better define what they want to exchange. To put it another way, they’re making the un-tradable tradable.
Cypher is an expiratory futures protocol based on Solana. Users can mint and sell products on any community-approved marketplace while also taking part in community governance that promotes robust and safe exchanges. Initial markets will be centered on pre-public possibilities that have hitherto been unavailable to many traders, and upcoming products will enable price exposure to practically any underlying data element that can be brought on chain. The protocol will enable portfolio margin, borrowings and lending, and comprehensible UI and UX design. Cypher, backed by prominent web3 investors such as Sino Global Capital, SkyVision Capital, and Blockwall Capital, is set to revolutionize the way blockchain-based trade is done today.
For more information, visit https://cypher.trade/