Andre Cronje's new crypto project, Flying Tulip, has raised $200 million in seed funding at a $1 billion token valuation.

Flying Tulip, a new crypto project founded by Andre Cronje, has raised $200 million in a private seed round of funding to build an on-chain exchange that spans the "full spectrum of DeFi" — a system that will include spot trading, derivatives trading, lending, stablecoins, and insurance.