BBO Exchange Raises $2.7 Million in Preseed Funding, Hashed, Arrington Co-Led Round

With fresh funds, BBO exchange is going to strengthen its presence in the decentralized derivatives trading segment. Particularly, novel solutions by BBOX are set to advance the capital efficiency and user-friendliness of trading instruments for futures and contracts.

BBO exchange (BBOX) secures $2.7 million in funding

Today, Jan. 30, 2024, the team of BBO Exchange announced the completion of its preseed funding round. A total of $2.7 million was secured from a clutch of highly reputable VCs. Tier-1 early-stage venture funds Hashed and Arrington Capital co-led the round.

The round also yielded contributions from blue-chip VC firms such as Consensys, CMS Holdings, Flow Traders, Manifold Trading, Mask Network, Laser Digital (Nomura Group), Arcane Group, Draper Dragon, Vessel Capital, Aulis Venture, Formless Capital, Press Start Capital and One Piece Labs.

Seasoned angel investors, including the likes of Keone Hon and Hongbo Tang, also backed the start-up in its fundraising efforts.

BBOX is poised to enhance the DeFi space with its unique approach to decentralized derivatives trading. As the first perpetual DEX to utilize Oracle Extractable Value in its liquidation process, the platform has pioneered an innovative auction mechanism that capitalizes on the inherent latency in oracle price updates.

Ray, the founder of BBOX and a former high frequency trader, commented on the latest funding round and the vision of his team:

We aim to provide the entire DeFi ecosystem with both the infrastructure and the liquidity layer for derivative trading, and our ultimate goal is to create a venue where users can trade everything, earn on everything, and do both very effectively. This raise is a testament to our vision and the trust investors have in our ability to bring something fresh and exciting to the DeFi derivatives space.

The platform’s multiasset, signal-driven dynamic distribution AMM also allows LPs to correlate its price ranges with other assets, emulating the strategies of proactive market makers while maintaining the ease of passive liquidity provision. 

Private testnet kicking off on Linea's zkEVM

BBOX is currently working on its signal-driven AMM on Linea, a zkEVM layer-2 network for scaling Ethereum dApps, and registration has opened for the BBOX private testnet.

Notably, Linea is the brainchild of BBOX investor Consensys, adding an extra layer of synergy and technological prowess to the platform.

Edward Tan, investor at Hashed, is excited by the innovative tech design of BBOX:

We believe Perpetual DEXs are one of the most profitable verticals in crypto and we're excited to back BBOX — a team that distinguishes itself well in a crowded, competitive market. The platform leverages Oracle Extractable Value (OEV) for liquidations and a dynamic multi-asset signaling AMM for on-chain traders, while making capital work efficiently for liquidity providers. We believe the best people are leading this product — crypto-native experts with relevant experience in Traditional Finance, Quantitative Trading and Engineering. Their collaboration with the Linea ecosystem will also be impactful in bringing their vision to fruition.

Last year, BBOX was one of 12 DeFi projects selected by Binance Labs as part of series 6 of their incubation season.