DeFi-Focused Derivatives Platform Hedget Raises $500K in Seed Funding

Decentralized derivatives protocol Hedget has raised $500,000 in seed funding.

According to a press release issued Monday, the round was led by FBG Capital and NGC Ventures, both Asia-based venture firms.
Hedget is a new Ethereum layer 2 solution for decentralized options trading, allowing users to buy and sell derivatives using collateral to hedge risk when holding crypto.
Users can also hedge on positions of debt taken up on lending protocols in the DeFi space.
The company believes options are a "necessary building block" for the maturation of DeFi, according to a blog post.
Talking of why his firm co-led the round, NGC Managing Partner Roger Lim said Hedget would help solve the "pain points" of costly and slow settlements for decentralized options trading.
The derivatives startup was incubated by Chromia, a scalable blockchain platform designed to support decentralized applications, or dapps.
Chromia also invested in the seed round, its co-founder, Or Perelman, told CoinDesk.
With fees on Ethereum now proving "prohibitively" expensive, Perelman said Hedget is further utilizing Chromia as a layer-two solution over Ethereum for complex trading transactions, with only settlements being recorded on Ethereum.
He added Hedget's seed investment was significantly oversubscribed, but the team had decided to go for "an average number."

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Sebastian Sinclair

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