Delta Exchange closes private token sale worth $5 million

The platform for trading futures, options and other derivative contracts on cryptocurrencies Delta raised $5 million following a private token sale.

The financing round was led by Sino Global Capital with participation from Aave Ventures, Kyber Network, Spartan Group, gumi Cryptos Capital, QCP Soteria and other investment firms.

Delta chief Pankaj Balani told The Block that the platform would deploy the raised funds to execute a marketing campaign.

In exchange for the investments, venture funds received the exchange’s native token DETO, which trades against Tether (USDT). Delta plans to expand spot trading pairs for Bitcoin and other cryptocurrencies.

DETO will serve as a reward for liquidity providers, following the model of DeFi protocols. It can also be used to pay trading fees and, in the future, as collateral.

Earlier in March, the Vega protocol for creating derivatives and trading them in a decentralized network raised $5 million in a funding round.

Earlier, the Chicago Mercantile Exchange announced the launch on May 3 of a product based on the first cryptocurrency — Micro Bitcoin futures, awaiting regulator approval.

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