Hxro (pronounced “hero”) Network, a Solana-based derivatives trading platform, has raised $34 million in a token round.
Hxro, a derivatives primitive built on the Solana blockchain, announced that it had closed a $34 million strategic round led by Jump Crypto, Blockchain Capital and SIG DT Investments.
Also featuring Alameda Research, Coinbase Ventures, Solana, the Chicago Trading Company and others, the round highlights how deep-pocketed investors are betting and building on the Solana ecosystem as a home for financial markets – not just crypto trades.
Hxro Network is a liquidity, risk, and margin primitive for risk-based applications built on the Solana blockchain. It provides critical support for a full suite of on-chain derivative markets. Solana is a key component to the network, providing censorship-resistant infrastructure with the speed and low marginal transaction costs needed to facilitate derivatives markets at scale.
Quotes
“Investors are beginning to understand the impact open source financial primitives [the software building blocks of DeFi] can have on the financial market,” Clay Robbins, head of growth at 0x, told Blockworks in an earlier interview.
Kanav Karina, President – Jump Crypto, said: “We are pleased to support Hxro Network as the team takes a community-based approach to building important infrastructure that has the ability to change the way derivatives operate,” said Kanav Kariya, President of Jump Crypto. “Combining data from the Pyth Network and order books from Project Serum shows that there is a path forward with using trusted, open systems and we are excited for the primitives Hxro Network is creating on Solana.”
Dean Carlson, Head of Digital Asset Investments – SIG DT, said: “We are seeing the early stages of a transformation in derivative markets through decentralized technologies. Hxro Network has all of the touchpoints we are most excited about in this segment of the DeFi marketplace. We are thrilled to be participating alongside so many other great teams and are committed to help accelerate Hxro Network’s growth.”
Quote from Raj Gokal, Solana Co-Founder: “Hxro’s decision to create open primitives follows in the path of Project Serum, and is a model for others to follow.” Said Raj Gokal, Co-Founder of Solana Labs. “The project has made it easier for traditional financial firms to start building on blockchain, and has the potential to become the default risk/margin primative on Solana and beyond.”
Co-founder of Hxro Dan Gunsberg, added: “The notional size of incumbent derivatives markets is still many times that of what is available in DeFi. The mission of Hxro Network is to change that in a way where all market participants, no matter the size of their contribution and participation, can benefit. Today’s announcement is further validation of Hxro Network’s community-based vision to build the most robust and scalable decentralized derivatives primitive available in the marketplace. We’ve coordinated some of the most experienced participants from both traditional and crypto markets to participate in the design and build of the network’s most critical foundational elements. Under normal circumstances these teams would be incredibly competitive with one another. However, they all share a common goal of unlocking the frictions that exist in incumbent markets and creating an open marketplace through the application of decentralized technology. As a community, we are creating a very powerful foundation for decentralized derivatives to scale and become a significant part of the fabric of the global derivatives landscape.”
