Funding Secured by BSX for Developing a Decentralized Finance Derivatives System on Base
BSX, a decentralized finance (DeFi) protocol, has announced that it has successfully raised a total of $6.2 million across two funding rounds. The latest round, a $4 million seed round, was led by Blockchain Capital, with participation from Bankless Ventures, No Limit Holdings, Cadenza Ventures, Breed VC, and Maelstrom.
Kinjal Shah, general partner at Blockchain Capital, commented on his firm's leading role in the Seed round, stating that BSX is poised to become a cornerstone of the Base ecosystem. He added that the fresh capital will be used to expand beyond derivatives trading.
The funding rounds were structured as simple agreements for future equity (SAFE) with token warrants. As part of the deal, Blockchain Capital received a representative or overseer on the BSX board.
BSX plans to use the funds to launch a series of new products. The product pipeline includes an NFT collection as the company explores ways of building a community. BSX Earn, a borrowing and lending protocol, and BSX Vaults, which allows traders to earn rewards by depositing funds into automatically managed trading vaults, are also part of the pipeline.
In addition, BSX plans to launch a spot aggregator next month, followed by earning and staking products. The staking product will be introduced as part of the Token Generation Event (TGE) later this year. The TGE will also see the launch of a Layer 3 network on Base by Q1 2025.
Coinbase's Zach Segal, Tommy Shaughnessy of Delphi Digital, and CoinFund investor Isaiah Washington joined as angel investors in the funding rounds.
Since its inception, BSX has facilitated more than $4 billion in transactions and has crossed the $1 million revenue threshold. The company is yet to disclose further details about its product pipeline, NFT collection, or any related projects. However, it is clear that BSX is positioning itself as a significant player in the DeFi space.
- The community, attracted by the new products and the NFT collection, will likely grow with the upcoming launch of BSX's series of new products.
- The technology advancements within BSX, such as the spot aggregator, earning and staking products, and the Layer 3 network, are expected to contribute significantly to its position in the decentralized finance (DeFi) sector, alongside fintech news like their successful fundraising.
