POPA ReconVariational Raises $50M Series A To Bring TradFi Liquidity On-Chain
Variational Raises $50M Series A To Bring TradFi Liquidity On-Chain Variational has raised a $50M Series A to build decentralized derivatives infrastructure that pulls liquidity from traditional finance dealers instead of relying only on native crypto order books. The round was led by Dragonfly Capital, with participation from Bain Capital Crypto and Coinbase Ventures. Bain previously led Variational’s $10.3M seed (closed in 2021, announced in 2024). The team says most onchain order books still face a “cold start” liquidity problem, arguing there’s a massive liquidity gap vs TradFi venues…
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