Decentralized derivatives trading protocol Variational has raised $50 million in Series A funding, led by Dragonfly Capital.

CoinFeed reported on May 20th that, according to Fortune, decentralized derivatives trading protocol Variational has announced the completion of a $50 million Series A funding round, led by Dragonfly Capital, with participation from Bain Capital Crypto and Coinbase Ventures, among others. This follows a $10.3 million seed round led by Bain Capital Crypto. Headquartered in the Cayman Islands, Variational aggregates liquidity from major crypto exchanges and traditional financial market makers to provide on-chain derivatives trading, including real-world assets (RWAs) such as oil and commodities, aiming to compete with traditional markets like the CME.