BSX Exchange Raises $6.2 Million in Funding

BSX Exchange, a DeFi derivatives protocol on Ethereum’s Layer 2 Base, has raised $6.2 million in pre-seed and seed funding rounds.

Funding Breakdown

The latest seed round of $4 million was led by Blockchain Capital, announced on Wednesday. The previous pre-seed round raised $2.2 million a year ago.

Investors in the two rounds include:
– Bankless Ventures
– No Limit Holdings
– Cadenza Ventures
– Breed VC
– Arthur Hayes’ family office Maelstrom

Angel investors include Coinbase’s Zach Segal, Delphi’s Tommy Shaughnessy, and CoinFund’s Isaiah Washington. The rounds were structured as a SAFE offering, providing investors with token warrants, though valuation details were not disclosed.

As part of the agreement, Hayes will serve as an advisor, while Blockchain Capital gains a board representative or observer seat.

About BSX

BSX is a decentralized derivatives trading platform focused on crypto perpetuals. Since launching in April, it has facilitated over $4 billion in trading volume and exceeded $1 million in revenue. With the new funding, BSX aims to diversify beyond derivatives.

Upcoming features include a spot aggregator, BSX Earn for borrowing and lending, and BSX Vaults for rewards through managed trading. Staking will also be introduced around or after the token generation event (TGE).

BSX plans to launch a Layer 3 network by Q1 2025 to improve its on-chain order book capabilities.

In addition, BSX intends to introduce a trading game on Telegram and an exclusive NFT collection to boost user engagement.

BSX Token Launch

The BSX token is anticipated to launch in November or December, featuring on-chain governance and offering benefits such as buybacks, airdrops, and revenue sharing. Currently in season 2 of its trading rewards, BSX expects to issue 16 million points by month-end, following 8 million in the first season.

Whether points will convert into the BSX token is subject to approval by the BSX Protocol Foundation.

The core team, based in Vietnam, is expanding to include members relocating from the U.S. to Singapore or Vietnam. BSX currently has 12 full-time employees and is hiring for engineering and growth roles.

Kinjal Shah from Blockchain Capital expressed optimism about BSX’s potential to enhance liquidity and trading experiences within the Base ecosystem.

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