Decentralized trading platform Merkle Trade has raised $2.1 million in a seed funding round co-led by Hashed and Arrington Capital, along with notable contributions from Morningstar Ventures, Amber Group, Aptos Labs, Re7 Capital and Dorahacks.
Launched in 2023, Merkle Trade has quickly distinguished itself by offering a unique trading platform that combines cryptocurrencies, forex, and commodities, boasting leverage up to a staggering 1,000x.
What sets Merkle Trade apart is its mission to make trading not just accessible but enjoyable for everyone. By integrating gaming elements and social trading, the platform is democratizing the trading experience, breaking down traditional barriers to entry, Merkle Trade said in a statement shared with AlexaBlockchain.
Ryan Kim, Co-founder & Partner at Hashed, highlighted the appeal of Merkle Trade’s approach, especially given the volatile nature of crypto assets. “The ability to place directional trades in a non-custodial manner is profoundly compelling,” Kim stated, underscoring the platform’s potential to captivate a wide range of users within the industry.
Michael Arrington, the Founder of Arrington Capital, praised Merkle Trade for its visionary approach to enhancing the trading experiences of both seasoned web3 traders and newcomers.
Arrington emphasized the platform’s focus on speed, a user-friendly interface, and immersive gamification as key factors in its early success and ability to draw significant trading volume and user expansion.
Within just four months of its inception, Merkle Trade has attracted 90,000 traders and facilitated $5 billion in trading volume, making it a leading perpetual decentralized exchange (DEX) on the Aptos blockchain and a top contender in the decentralized derivatives ecosystem.
The platform’s omnichain capabilities, which include support for Ethereum, Polygon, Arbitrum, Optimism, Binance Smart Chain, and Avalanche, further enhance its appeal.
The gamification of trading is a cornerstone of Merkle Trade’s strategy. The platform features a unique level-up system where active trading unlocks new levels, rewarding traders with loot boxes and exclusive NFT items that offer randomized trading benefits and point boosts. Additionally, traders can participate in weekly trading missions of varying difficulty levels, each offering corresponding rewards, further engaging the platform’s community.
Mo Shaikh, Co-Founder & CEO of Aptos Labs, commented on the broader implications of Merkle Trade’s mission, stating, “Expanding DeFi and social connectivity on-chain is core to onboarding billions of users into the next phase of the internet: an accessible, secure, and decentralized web.”
With the latest round of funding, Merkle Trade plans to expand the gamifying and social aspects of its platform significantly. Upcoming features include an in-app marketplace for NFT items, trading battles, and copy trading capabilities.
The team also aims to streamline the onboarding process, making it easier for non-web3 native users to engage with the platform without needing custodial wallets.
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