New York based decentralized Finance (DeFi) Zeta Markets secured $8.5 Million funding

Zeta Markets, a New York based decentralized Finance (DeFi) futures and options exchange built on the Solana, has now secured $8.5 million in the strategic funding round.

Zeta Markets is a decentralized platform built on the Solana that facilitates liquid, under-collateralized, and non-custodial derivatives trading. It uses Zolana censorship-resistant infrastructure to provide users with pricing updates; liquidations settle positions sub-second and the ability to execute trades while paying less than $0.01 in gas fees.

Tristan Frizza, Core Contributor to Zeta Markets, said, "We've seen a Cambrian explosion in the Solana DeFi ecosystem since just the beginning of this year, with TVL accelerating over 100x to almost $15bn. The unparalleled performance of the underlying chain massively opens up the design space for innovative protocols. Zeta takes full advantage of this to bring the speed and deep liquidity of CeFi derivatives to DeFi, whilst remaining permissionless and fully composable."

Chris McCann, Partner at Race Capital, said, "In June 2021, crypto derivative volume surpassed the spot market for the first time doing $3.2 trillion in volume compared to spot markets which did $2.7 trillion according to CryptoCompare. I believe derivatives will continue to be the main driving force for DeFi and derivatives will be an order of magnitude times higher in trading volume vs. their DEX counterparts. We're super impressed with the entirety of Zeta's core contributors backgrounds, passion and drive in the DeFi space, and I'm excited to help Zeta become #1 in the DeFi derivatives space."

The round was led by the Jump Capital with participation from the Electric Capital, Race Capital, Amber Group, DACM, Airtree Ventures, Genesis Block Ventures, Alamedia Research, SkyVision Capital, LedgrPrime, Orthogonal Trading, and MGNR.

The new funds will going to be used to accelerate the development and business growth of the Zeta Markets, initiative community grants to encourage composable project integrations as well as onboard key strategic and marketing marking partners.