Quick take:
- The London-based decentralised perpetual futures exchange is being built by two founders who left the U.S. because of a lack of regulatory clarity.
- Perpl is using the EVM architecture from Monad to build its on-chain central limit order book.
- The company plans to launch its testnet by the end of this year.
Purple has raised $9.25 million in a funding round led by Dragonfly with participation from Ergonia, Brevan Howard, Breed VC, L1D and CMS Holdings.
Founded by two Americans who moved to the UK because the U.S. lacked a clear regulatory framework for digital assets, the London-based crypto startup plans to use the fresh capital to accelerate the development of its decentralised futures exchange platform on Monad.
Perpl is using the EVM architecture from Monad to build its on-chain central limit order book and plans to launch its testnet by the end of this year. However, it won’t be able to launch the mainnet until Monad launches its own.
Explaining what he sees in crypto perpetual futures, co-founder PB told Blockworks: “I think the thing with perps, specifically, is how simple it is. With options, there’s just a lot of complexity. There are expirations, there’s just a lot more math for users to be aware of. But perps, it’s very simple, never expires.”
PB said he has noticed that traders seem to be attracted by the ease of access to products that decentralised perpetual futures trading platforms offer, also adding that the platforms tend to move faster for token listing projects than centralised exchange platforms like CoinDesk.
“With perps, you just need an oracle price and USDC, and you can start immediately taking a position. If you were to rewind back to maybe a couple of years ago, you needed a Binance or one of these central exchanges to actually list perps, but with DEXs, they’re able to list these tokens faster,” he explained.
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