Solana-based defi platform Exotic Markets is celebrating after raising $5 million in a private token sale round. The venture, which offers a wider range of structured products than existing defi platforms, welcomed investment from several VC firms and family offices including Alameda Research, LedgerPrime, Animoca Brands, FMFW.io, and MGNR.
Additional capital came from Morningstar Ventures, Solana Capital, SkyVision Capital, TPS and Paradigm.co, in a round led by Multicoin and Ascensive Assets.
Reflecting on their investment, Multicoin Capital’s Spencer Applebaum said: “We are very excited about the growth in structured products. Exotic Market’s unique architecture will allow more forms of payoffs on more underlyings than we have ever seen before. This will end up benefiting the entire defi space and create new ways for people to benefit from the volatility market.”
Applebaum’s sentiments were echoed by Ascensive Assets’ Oliver Blakey who added, “We have a long-term vision for the market and focus on supporting projects that offer sustainable value. Structured products will open up opportunities for investors to generate yield denominated in stablecoin rather than governance tokens. We view this as a very healthy evolution of the defi space.”
Distinct from other structured products protocols, Exotic Markets leverages the high throughput and low fees of the Solana blockchain to enable single product offerings such as digitals, products based on the performance of baskets of tokens, and path dependent products. Protocol development was led by Joffrey Dalet, a former fund manager at a quant volatility hedge fund, while the platform’s co-founder Benjamin Rameau couples six years’ experience in blockchain with a background in equity sales and trading.
“As a leading cryptocurrency derivatives market-maker, LedgerPrime is excited to partner with Exotic and support its use of options to generate yields, which we view as more sustainable than projects relying on heavy token emission. We look forward to actively providing liquidity on Exotic and helping Exotic achieve its goal of democratizing yield for all investors.” Shiliang Tang, Chief Investment Officer – LedgerPrime
About Exotic Markets
Exotic Markets is a Solana-powered defi protocol that helps users diversify their portfolio and maximize returns through user-friendly structured products. Backed by several leading investors in the blockchain space, Exotic Markets’ ultimate goal is to democratize yield for all investors.