Cryptocurrency platform dYdX announced that the company has raised $65 million in a Series C funding round. The exchange is planning to improve its liquidity significantly through the latest funds.

According to an official announcement, the latest funding round was led by investment firm Paradigm. Delphi Digital, HashKey, QCP Capital, CMS Holdings, CMT Digital, Finlink Capital, StarkWare, and MGNR also participated in the Series C investment round. The cryptocurrency platform aims to use the latest funds to expand its product offering.

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The company’s existing investors including a16z, Polychain Capital, Three Arrows Capital, Wintermute also participated in the round.

Commenting on the latest announcement, Fred Ehrsam, Co-Founder and Managing Partner at Paradigm, said: “dYdX has built a simple, cryptocurrency native, and global exchange that users love. We’ve known Antonio since he left Coinbase years ago. He’s built a great team around him to support the company’s growth and future potential.”

The cryptocurrency market has seen substantial growth in the last few years. Since the start of 2021, leading crypto companies have raised significant funds to expand their operations amid a surge in the adoption of digital assets. In March 2021, crypto firm BlockFi raised $350 million and received a valuation of $3 billion. Earlier this year, cryptocurrency services provider Blockchain.com secured $300 million in funding at a valuation of $5.2 billion.

Decentralized Exchange

The cryptocurrency platform claimed that the latest launch of a Layer 2 protocol for cross-margined perpetuals has allowed major improvements to non-custodial trading at scale. “We are one step closer to delivering on our vision to become one of the largest cryptocurrency exchanges by offering trustless and decentralized financial infrastructure for advanced crypto-financial products. Our decentralized exchange currently combines non-custodial, on-chain settlement with an off-chain, low-latency matching engine using order books. This has allowed us to deliver an institutional-grade, liquid, and low slippage trading experience for the DeFi world,” dYdX added.

In January 2021, dYdX raised $10 million in a Series B funding round led by Three Arrows Capital and DeFiance Capital.