Exotic Markets, which offers structured products from different DeFi platforms, has received $5 million in funding from a group of VCs and investors, the company said in a press release on Wednesday.
- Built on the Solana blockchain network, Exotic Markets is a Decentralized Autonomous Organization (DAO) managed by the community of EXO token holders.
- The team behind the protocol intends to use the funds to introduce a broader range of product offerings, particularly, structured products in decentralized finance. The company plans to leverage the advantage that the Solana network offers – “speed, efficiency, and low fees.”
- After the successful completion of the funding round, Exotic Markets that it will come up with innovative product offerings that will be the first across decentralized finance platforms.
- The $5-million worth of private token sale garnered “tremendous attention” that shows a strong demand for structured products.
“The decentralized finance industry remains appealing to investors, mainly when protocols introduce new products and services catering to a broader audience,” Exotic Markets said in the release.
- The funding came from a group of investors led by Multicoin and Ascensive Assets. Other significant investors included Alameda Research, Animoca Brands, Solana Capital TPS, and Morningstar Ventures.
- Commenting on the development, Ascensive Assets’ Managing Partner Oliver Blakey said, “Structured products will open up opportunities for investors to generate yield denominated in stable coin rather than governance tokens. We view this as a very healthy evolution of the Defi space.”