Singapore-based Defi startup Cega Finance raises USD 9.3 million in seed funding

SINGAPORE—— Cega Finance (“Cega”) is happy to announce that it has concluded a USD 5 million investment round, which was led by Dragonfly Capital and continuing to include contributions from Robot Ventures and Pantera Capital (Tarun Chitra and Robert Leshner). The business has now secured USD 9.3 million in total initial investment.

Since its debut in June 2022, Cega has dominated the market for DeFi crypto-structured goods. It was the first protocol to develop exotic options structured products on-chain. The protocol that launched the market for exotic options with cryptocurrency underlying has seen Cega’s volumes and TVL rank first in Solana and fourth across all chains. Cega has received praise for its effective risk management and operations during the FTX crisis in November. It has also made a name for itself as a market leader in counterparty management. Recent fundraising efforts were made to build a trading staff of experts in exotic derivatives, develop new DeFi innovative primitives, and hasten the growth of Cega’s product line.

The team is eager to develop novel, high-performing DeFi solutions that provide users with significant risk-adjusted yields. Arisa Toyosaki, co-founder and CEO of Cega, stated, “We are also thrilled to offer the finest execution in the market through a competitive in-house liquidity maker and get into the multi-trillion dollar exotic derivatives market.

For DeFi customers, Cega developed a decentralized application that combines the properties of basic options (such as call/put) with those of sophisticated options. A basket of puts with knock-in obstacles, the fixed coupon note is its first exotic options structured product. Retail investors benefit from this strange structured product’s higher yield, built-in downside protection, and compounding gains. Market makers also earn from it since it gives their portfolio a cheaper hedge and permits proprietary gains from hedging transactions.

According to Tom Schmidt, General Partner at Dragonfly Capital Partners, “Cega has established a new DeFi primitive through their invention in exotic option smart contracts that were a 0-to-1 product with significant organic growth.” The procedure survived the past year’s blow-ups without incurring any financial losses, which is a credit to the team’s expertise and assiduousness. During the same period, they developed into one of the top derivatives protocols in the DeFi space and Solana’s #1 options protocol. We at Dragonfly are happy to support them in their pursuit of being the leading DeFi derivatives protocol and to see them provide novel goods to the market.

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