Velar has secured $3.5M in seed round to accelerate the product development of Velar Artha – the world’s first Decentralized Perpetual Derivatives Exchange (PerpDEX) on Bitcoin.
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The round saw participation from leading investors including Black Edge Capital, CMS Holdings, Bitcoin Startup Lab, GBV, Cypher Capital, Trust Machines SPV, Samara Asset Group, Maple Block, Cogitent Ventures, and many more.
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“Velar’s successful seed round is a validation of our mission to make Proof-of-Work and Bitcoin the base layer of DeFi. Velar is set to redefine what’s possible, facilitating $800B worth of dormant liquidity to be used in DeFi; and we’re excited to invite the world to be a part of this groundbreaking journey,” said Mithil Thakore, Co-Founder and CEO of Velar.
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Velar will use the funds to fast-track development of its flagship product Velar Artha – positioned to be the first-ever perpetual DEX on Bitcoin. Velar Artha will facilitate trading of perpetual derivatives in a trustless manner, with up to 20x leverage, using BTC as collateral in a non-custodial manner.
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The product aims to unlock Bitcoin’s dormant liquidity for advanced DeFi use cases. Over $800 billion worth of BTC is currently unproductive, representing massive untapped capital that Velar’s PerpDEX can enable institutions and individuals to utilize productively.
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In the words of Aravind Sathyanandham, Co-founder of Velar, “Bitcoin being a digital denominator of energy, is the most sound digital asset. Creating a circular Bitcoin economy and contributing towards a long term bitcoin security budget is an honor and duty that we uphold proudly at Velar.”
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About Velar
Founded in 2023, In allowing DeFi activity natively on Bitcoin, Velar aims to establish the network as a viable base layer for the future of decentralized finance. Velar views the innovation potential of the Bitcoin protocol as largely untapped within DeFi. Through core products like the PerpDEX and AMM DEX, Velar aims to extend Bitcoin’s capabilities in enabling key DeFi building blocks including swaps, liquidity pools, yield generation, and leverage trading.
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