Hxro, the crypto-derivatives platform, raised $15 million in a private token sale

Hxro raises $15M in private token sale.

The crypto-derivatives platform Hxro raised $15 million in a private token sale to the hedge fund Commonwealth Asset Management. CoinDesk reports this.

The HXRO token, built on Ethereum, provides holders with discounts and rewards when trading on Hxro.

In the last 24 hours, the token rose by 7%, and over the past week by nearly 14%. At the time of writing, HXRO trades at about $0.75.

Funding from Commonwealth Asset Management follows the development of Hxro Network — a Solana-based decentralized protocol that provides seamless access to liquidity in options markets.

“When volatility rises and liquidity falls, market participants who need to hedge their positions can do almost nothing. It is one thing when large retail players enter the market, but for macro funds or large hedge funds the need to hedge and hold option positions is greater than ever,” said Hxro’s CEO Dan Gansberg.

According to the CEO, once Hxro Network launches it will provide heightened liquidity. Like other DeFi projects, the protocol employs an automatic market maker. However, traditional firms that specialise in options trading, such as Chicago Trading Company, are also admitted to the network.

In May, the Exodus cryptocurrency wallet developer raised $75 million in a token offering, regulated by the U.S. Securities and Exchange Commission.

In March, the Delta crypto-derivatives exchange conducted a private token sale for $5 million. The funds raised will be used to implement a marketing campaign.

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