HXRO Raises $15 Million From Commonwealth

The options trading project has already seen substantial growth, and efforts such as this fundraiser only add to their potential.

By
John Tunney
on
June 3, 2021
Category:
Breaking News

Liquid Options and DeFi

On June 1st, news broke that the crypto firm HXRO raised $15 million from their token sale thanks to the massive hedge fund Commonwealth Asset Management. HXRO is a trading platform built within the Solana ecosystem which aims to be an easy to use options trading platform that will provide users European-style standardized options market covered-calls as well as other hedging options.

The Commonwealth hedge fund is a world wide macro and real estate-focused hedge fund that would actually break their own record for the largest single-investor fundraiser with their $15 million dollar round for HXRO. 


Why HXRO?

The Commonwealth hedge fund believes in HXRO’s game plan, which is to cultivate a strong market structure within the decentralized option market while simultaneously generating liquidity. Dan Gunsberg, co-founder and CEO of HXRO said that:

 “It’s one thing to get large retail players into the market, but for macro funds or large hedge funds the need to hedge and the need to take position in options is greater than ever.” 

HXRO provides the platform that allows investors to fulfil their need to hedge. The firm serves as a bridge between the complexities of options trading and the convenience of crypto, as well as providing large pools of decentralized liquidity for what they call “risk-based applications”.

Part of HXRO’s TixWix Launch

 

The above image shows the simplicity HXRO aims to bring to option trading with their TixWix tool. Users can select their coin, choose a date, decide how they think the coin will perform, and then lock in their position. The new DeFi project is looking to bring further utility to the Solana network by making complex trades accessible for everyone. By using an endearing graphical interface to help ease investors into uncharted waters like options trading, TixWix provides tremendous utilitarian value to all Solana trading protocols.

HXRO

HXRO is a trading platform that is poised to become its own decentralized network on Solana, with a handful of successful products already launched. HXRO has innovated how investors make trades by simplifying things to the bare minimum with their MoonRekt Bitcoin game project, and has now launched TixWix in a partnership with FTX. TixWix are remarkable for their simple to use UI that makes trading a straight-forward process. 


Concluding Thoughts

What’s important about this is that another Solana project has been recognized by a huge hedge fund as a viable platform, which carries the potential for incredibly high value. HXRO saw the value that the Solana network could bring to their protocol, and Commonwealth Asset Management saw the potential for the success of both these DeFi platforms with a financial backing. HXRO is an amazing project and has already amassed a ton of capital from investors, and it will be interesting to see if Commonwealth’s $15 million dollar investment was worth it in the long run.


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John Tunney

John Tunney is an accomplished analyst and crypto enthusiast. The UCLA alum has been actively reporting and blogging for 3 years, and has a passion for all things finance.