Ostium Labs, the team behind the Ostium protocol, has raised $24 million in new funding, including a $20 million Series A co-led by General Catalyst and Jump Crypto and an undisclosed $4 million strategic round, the company said in a press release on Wednesday.
This takes the company's taking total funding to $27.8 million, the firm said.
Built on Arbitrum, Ostium offers on-chain perpetual swaps tied to stocks, commodities, indices and FX, pitching self-custody and auditable market rules as a crypto-native alternative to broker-run contracts for difference (CFDs).
The protocol keeps traders’ collateral in segregated smart contracts, preserving self-custody.
“Our thesis has been that the global CFD broker market will be disrupted by DeFi. Our ambition is to build the platform to make that possible,” said Kaledora Kiernan-Linn, co-founder and CEO of Ostium, in the release.
Ostium's existing backers include Balaji Srinivasan, LocalGlobe, Susquehanna International Group (SIG), Crucible Capital, GSR, Nick Van Eck, Shiliang Tang and angels from firms including Bridgewater, Two Sigma and Brevan Howard.
The protocol said it had processed $25 billion in cumulative volume and that more than 95% of open interest is in traditional markets, including major on-chain gold perps share during the current rally.
Ostium said it will use the new funds to expand its asset coverage and scale infrastructure.
Read more: Jane Street Leads $105M Funding for Antithesis, a Testing Tool Used by Ethereum Network
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