Cryptocurrency exchange Coinbase has backed a $4.3 million seed funding round for upcoming cryptocurrency derivatives exchange Blade. The round also saw participation from venture firms SV Angel, A.Capital and Slow Ventures, among others, according to a report from TechCrunch on Monday. Blade is “three weeks away” from launch, and will offer to trade in perpetual swap contracts. The exchange’s website shows that it will provide “up to 150X” leverage for bitcoin and altcoins perpetuals with settlement in Tether (USDT) stablecoin and bitcoin. Perpetuals are “arguably the fastest growing segment of cryptocurrency trading,” Blade CEO, Jeff Byun, was quoted as saying in the report. “In the long term, we want to be the CME (Chicago Mercantile Exchange) of crypto.” Blade won’t be available to U.S. residents due to stricter regulations in the country, and also because “most of the volume” comes from non-U.S. markets.
Blade has raised $4.3m in seed funding for its cryptocurrency derivatives exchange. The platform, which is set to launch by the beginning of September, will offer to trade via perpetual swap contracts. According to a press release, the company plans on offering trading pairs that include bitcoin, ether, litecoin and ripple. The funding came from Coinbase, SV Angel, A.Capital and Slow Ventures, among other backers.