Hxro Raises $34M on Promise of Derivatives Trading Infrastructure for Solana

TradFi stalwart Susquehanna International Group and DeFi upstart Jump Crypto co-led the network’s latest token round.

AccessTimeIconNov 30, 2021 at 1:30 p.m. UTC
Updated May 11, 2023 at 6:02 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Solana-based institutional derivatives hub Hxro Network raised $34 million from some of finance’s behind-the-scenes kingmakers.

Susquehanna International Group, a major (if hush-hush) traditional equities trading shop, co-led the round through its ventures wing, SIG DT, alongside Jump Crypto – Robinhood’s go-to firm for processing crypto trades – and Blockchain Capital, a crypto ventures firm.

Also featuring Alameda Research, Coinbase Ventures, Solana, the Chicago Trading Company and others, the round highlights how deep-pocketed investors are betting and building on the Solana ecosystem as a home for financial markets – not just crypto trades.

Hxro Network’s derivatives toolbox will feature protocols for futures, perpetual swaps, options and parimutuels, co-founder Dan Gunsberg told CoinDesk. Projects can plug into those protocols and spin up a limitless number of derivatives trading outposts.

That playbook has some precedent in the Solanaverse. Serum became a systemically important hub for Solana-based spot liquidity by making its central limit order book widely available. And Pyth, a data oracle service, is critical to myriad projects’ information feeds.

Hxro is “composable” with both, Gunsberg said.

Doing the same for derivatives – more specifically for derivatives that “professional” traders, not just crypto crowds, would touch – will likely require more than just accessibility. That’s part of the reason why Hxro will launch as a “permissioned” market by integrating with identity firm Civic, too.

“Right now open interest in the traditional world is close to $185 trillion,” Gunsberg said. Hxro is building for a world where much of that action moves over to crypto.

“Our belief is that to really establish a real footprint for decentralized derivatives” that can work at an institutional scale, “you need to have these types of firms that have the domain expertise,” Gunsberg said.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Danny Nelson

Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about