Decentralized exchange Futureswap raises $12 million from Ribbit Capital and oth

[RSRS]

Futureswap, a decentralized exchange for trading perpetual swaps, has raised $12 million in a new funding round.

Ribbit Capital, Framework Ventures, True Ventures, and Placeholder co-led the round, each investing $2 million, Futureswap co-founder Derek Alia told The Block. The rest of the amount was funded by other backers.

This is Ribbit Capital's first investment in a decentralized exchange, according to Futureswap.

The funding round was secured via a token sale and it is Futureswap's Series A funding, said Alia. The project has previously raised $1.6 million in two rounds, bringing its total funding to date to $13.6 million.

With fresh capital at hand, the exchange plans to expand its current team of eight and grow its platform, said Alia.

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