Velar Raises $3.5M in Seed Funding
Summary
Velar, a Dubai, United Arab Emirates-based developer of a Decentralized Perpetual Derivatives Exchange (PerpDEX) on Bitcoin, secured $3.5M in seed funding. Backers included Black Edge Capital, CMS Holdings, Bitcoin Startup Lab, GBV, Cypher Capital, Trust Machines SPV, Samara Asset Group, Maple Block, Cogitent Ventures, and many more. Led by Mithil Thakore, Co-Founder and CEO, and Aravind Sathyanandham, Co-Founder, Velar is advancing Velar Artha, a perpetual DEX on Bitcoin, which will facilitate trading of perpetual derivatives in a trustless manner, with up to 20x leverage, using BTC as collateral in a non-custodial manner. Over $800 billion worth of BTC is currently unproductive, representing massive untapped capital that Velar’s PerpDEX can enable institutions and individuals to utilize productively. Velar’s broader product suite includes a Uniswap v2-inspired AMM-based DEX for swaps and liquidity pools, yield generation tools, and a token launchpad for Bitcoin-based projects.