Beyond Finance, a decentralized platform for creating and trading synthetic financial products has announced a $7.5-million round of fundraising from leading blockchain funds, including Moonwhale Ventures, A195, DuckDAO, Cryptomeria Capital, Blocksync, X21 Digital, Rarestone Capital, Master Ventures, Consensus Capital, and more.With no advertising, the company raised the funds over the past few weeks, simply by word-of-mouth, in advance of its initial DEX offering, scheduled for early April.
Beyond Finance is building a robust decentralized platform and protocol dedicated to helping institutions, small and medium-sized enterprises, and individuals to create and trade synthetic products.In Beyond Finance, users can create a trading platform from a wide range of assets, in a way that's transparent and decentralized.Users will be able to access synthetic products by staking Beyond’s native token, BYN, investing directly in the assets, trading other synthetic assets, and loaning Ether (ETH) in exchange for synthetic tokens.
Dorji Rabten, head of operations at Beyond, said: “We are excited to share our vision of creating an easy-to-use and democratized synthetic product ecosystem with some of the best investors in the industry.Currently, access to synthetic products can be a challenge, and many offerings have critical flaws that cause trust issues within various ecosystems.Beyond is looking to solve this by offering the same institutional-grade solutions and access for everyone.”
With a team comprising alumni from top companies, such as Goldman Sachs, Barclays, Deutsche Bank, Franklin Templeton, Credit Suisse, Citi, and more.With Beyond, we aim to bring decentralized finance and synthetic assets to millions of people who currently do not have access or do not understand these products.The potential of converting a fraction of this population implies the possibility of onboarding millions of new people into the DeFi ecosystem, as well as billions of dollars of new capital.
The team plans on using the funds raised to scale the platform, onboard new developers, and provide support for the upcoming BYN token launch, which will help incentivize and attract users to the platform.A tentative IDO date for Beyond is slated for early March, enabling the community to participate in the company’s token sale.More details will be released closer to the date on Beyond’s official channels.
About Beyond Finance
Beyond is a decentralized platform for creating and trading synthetic financial products designed to suit the needs of the synthetic creator.It is possible to make synthetic products that track the price changes in underlying assets like currencies, commodities, stocks, ETFs, and more.Each synthetic product can be made to represent $1 or more complex products, such as leveraged/inverse ETFs.
These synthetic products are governed by the Beyond protocol and collateralized by BYN tokens.Synthetic products have deep liquidity as our automatic market maker is built on our protocol.Bid/ask orders can also be used on the trading interface for controlled trading ordersUnderstand the laws regarding cryptocurrencies and ICOs in your country is the responsibility of the reader.BYN token holders are incentivized to stake and provide liquidity to the synthetic products, as it allows the token holders to be rewarded with additional BYN tokens.
Media Contact: Dorji Rabten, [email protected]
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