ELFi Protocol Raises $5M to Enhance Decentralized Derivatives Trading
CryptoNewsTerminal Staff21 May, 2024
ELFi Protocol Raises $5M to Enhance Decentralized Derivatives Trading
ELFi Protocol, a pioneering decentralized derivatives trading platform, has secured $5 million in a strategic funding round. The round was led by IDG Capital, a renowned investment firm, and KuCoin Ventures, the venture capital arm of KuCoin, one of the world's leading cryptocurrency exchanges. This funding will further fuel ELFi Protocol's mission of empowering users with greater control and accessibility in the derivatives market. The protocol is currently undergoing rigorous testing on the Arbitrum (ARB) testnet and has recently launched its Genesis NFT public beta test, inviting users to experience the platform's capabilities firsthand. The investment from IDG Capital and KuCoin Ventures is a testament to the confidence in ELFi Protocol's innovative approach to decentralized finance. With this funding, ELFi Protocol aims to accelerate its development, expand its ecosystem, and establish itself as a dominant force in the burgeoning decentralized derivatives landscape.
