BSX Raises $6.2M From Blockchain Capital and Others to Expand Its DeFi Protocol Beyond Derivatives Trading

Base-based decentralised finance protocol BSX has raised $6.2 million across two rounds according to a report by The Block.

Base-based decentralised finance protocol BSX has raised $6.2 million across two rounds, The Block reports.

In the latest round, the company closed a $4 million seed round, adding to an unannounced $2.2 million pre-seed secured a year ago.

Blockchain Capital led the seed round, with Bankless Ventures, No Limit Holdings, Cadenza Ventures, Breed VC and Maelstrom participating across the two rounds. Coinbase’s Zach Segal, Tommy Shaughnessy of Delphi Digital and CoinFund investor Isaiah Washington joined as angel investors.

Both funding rounds were structured as simple agreements for future equity (SAFE) with token warrants. The company plans to use the fresh capital to expand beyond derivatives trading.

BSX claims its DeFi protocol has facilitated more than $4 billion in transactions since inception, and has since crossed the $1 million revenue threshold.

According to the announcement, BSX plans to launch a spot aggregator next month, with earning and staking products also planned thereafter.

Explaining further the company’s product pipeline, BSX core contributor Henry N. said:

“BSX Earn includes a borrowing and lending protocol where traders can access capital to trade on Base and BSX. The second product is BSX Vaults, which will allow traders to earn rewards by depositing funds into automatically managed trading vaults.”

The company is planning a token generation event (TGE) later this year, which will pave the way for the staking product, Henry said.

BSX is also planning to launch a Layer 3 network on Base to optimize the on-chain BSX order book.

“This upgrade will enable permissionless listing of new assets and further expand our decentralization roadmap. The target launch for this infrastructure upgrade is Q1 2025,” added Henry.

Other products in the BSX pipeline include a trading game on Telegram and an NFT collection as the company explores ways of building a community.

Commenting on his firm’s leading role in the Seed round, Kinjal Shah, general partner at Blockchain Capital said in a statement: “BSX is poised to become a cornerstone of the Base ecosystem, and we are excited about their team’s potential to connect disparate liquidity sources and create an even better trading experience for all users.”

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