Seed Labs has raised $6.4 million for its trading app, dTrade, that allows users to trade derivatives without needing a brokerage or clearing house and removes counterparty risk. It is backed by VCs from 9 different countries, including institutional liquidity providers, Alameda Research, Kronos Research, LedgerPrime and others that collectively trade 28B+/day, the company said in a statement.
Seed Labs was co-founded a year ago by Yameen Malik, Rabeel Jawaid, Zabi Mohebzada, and Ahmad Jawaid. Yameen Malik was the Gold Medalist at NUCES-FAST in 2017, has over 6 publications in AI, and previously worked at Symantec as a Software Engineer.
At launch, the platform will primarily be a Perpetual Swap Trading Exchange. On a technical level, any trade pair from any asset class can be offered — from commodities, equities, digital assets to pre-IPO stocks.
“Right now our target markets are Europe and the Asia Pacific Region. The derivatives exchange is expected to launch in Q3 of this year and is currently undergoing the first round of technical security and penetration testing audits”, Says Zabi.