BSX exchange raises $6.2M in funding, angel investors include Coinbase listing chief

BSX Exchange, a DeFi derivatives protocol built on the Ethereum Layer 2 network Base, has successfully raised $6.2 million in pre-seed and seed funding.

BSX said on Wednesday that its latest seed round, worth $4 million, was led by Blockchain Capital. The previous seed round of financing was US$2.2 million raised a year ago. BSX also released this news when announcing the seed round of financing.

Investors in both rounds include Bankless Ventures, No Limit Holdings, Cadenza Ventures, Breed VC and Maelstrom, the family office of Arthur Hayes. Its angel investors include Coinbase listing head Zach Segal, Delphi founder Tommy Shaughnessy and CoinFund investor Isaiah Washington.

Both rounds were conducted in the form of a Simple Agreement for Future Equity (SAFE), which provided investors with token warrants, Henry N., a core contributor to BSX, told The Block that he “declined to comment on valuation issues.”

BSX is a decentralized derivatives trading platform based on the Base network, focusing on cryptocurrency perpetual contracts. Since going live in April, BSX said it has facilitated more than $4 billion in trading volume and recently passed the $1 million revenue mark. After securing a new round of funding, BSX plans to expand its business beyond derivatives trading.

Going forward, BSX also plans to launch its own trading game on Telegram and release an exclusive NFT series to attract new users to Base and BSX.