Delta crypto derivatives exchange raised $ 5 million in a private token sale.

Sino Global Capital led the financing with the participation of Aave Ventures, Kyber Network, Spartan Group, gumi Cryptos Capital, QCP Soteria and others.

With fresh capital, Delta plans to drive marketing and customer acquisition activities, CEO Pankaj Balani told The Block.

Delta was founded in 2018 and, based in Kingstown, offers trading in crypto futures, options, swaps and other derivatives. As of Wednesday, the stock exchange will also offer spot trading in DETO-USDT. DETO is Delta’s native token that hits the market tomorrow. Delta said it will “soon” also offer spot markets for Bitcoin and other cryptocurrencies.

When asked why Delta needs its own token, Balani said DETO is central to the growth of Delta and its ecosystem. “In the recent past, DeFi platforms have shown how massive liquidity can be built up by democratizing market-making. So we’re bringing that idea into centralized derivatives, ”said Balani. “DETO is given as an incentive to provide liquidity to Delta’s liquidity mining pools.”

DETO is also a utility token, Balani said, and that it can be used to pay fees on the exchange and would be allowed as collateral for Delta once a “stable price” is available for DETO.

Delta currently has 35 employees and the exchange is “aggressively” adding new people to its engineering and marketing teams, Balani said.

The private token sale brings Delta’s total funding to nearly $ 7 million, Balani told The Block. The exchange previously raised around $ 2 million in two rounds in 2018 and 2020.

Related reading