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Funding
Bluefin receives investment from Flow traders; announces launch of native governance token
Decentralized Finance (DeFi)
Jun 27, 2024
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Decentralized Finance (DeFi)

Decentralized Finance (DeFi)

Jun 27, 2024

Bluefin receives investment from Flow traders; announces launch of native governance token

Funding

  • Bluefin, a decentralized exchange, has secured an undisclosed strategic investment from Flow Traders, bringing its total funding to USD 17 million.

  • The company plans to use the funding to expand beyond perpetual trading and develop a decentralized financial ecosystem on the Sui network. The platform also has plans to provide users access to spot markets with liquidity aggregation services, as well as "Bluefin Pro," which will offer cross-margin trading and faster executions. Moreover, Bluefin also announced that it would launch a native token named "BLUE" in July. The token will enable holders to vote on governance proposals set forth by the DAO. 

  • Bluefin offers a decentralized derivatives exchange built on the Sui network, enabling users to trade several crypto-based perpetual contracts. The platform also allows users to earn yields on their stablecoin holdings by lending liquidity to market makers. Bluefin has seen over USD 25 billion in trading volume so far in 2024 and has reportedly achieved monthly revenues exceeding USD 1 million. 

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