Cega Finance, a Singapore-based decentralized finance (DeFi) application provider, secured $5 million in funding. The round was led by Dragonfly Capital, bringing the total amount raised by the DeFi startup to $9.3 million with participation from Pantera Capital and Robot Ventures.
Cega finance will use the fresh infusion to accelerate the expansion of its product catalog, develop new DeFi innovative primitives, and create a trading team for exotic derivative specialists.
“The team is excited to create never before seen products in DeFi that are high performing and offer users strong risk-adjusted yield. We are also excited to offer the best execution in the market through a competitive in-house liquidity maker and tap into the multi-trillion dollar exotic derivatives market,” said Arisa Toyosaki, co-founder and CEO of Cega.
Thrilled to announce our $5M funding round led by @dragonfly_xyz which brings our total seed funding to $9.3M — we're excited to keep pushing the boundaries on DeFi and exotic derivatives, and to accelerate our multi-chain expansion and launch innovative DeFi strategies! 🧵👇
— cega 🥚 (@cega_fi) March 27, 2023
Since its debut in June 2022, Cega has dominated the DeFi crypto structured products market. It was the first protocol to develop exotic options structured products on-chain. The protocol that launched the call for exotic options with cryptocurrency underlying has seen Cega’s volumes and TVL rank first in Solana and fourth across all chains.
For its practical operations and risk management during the FTX crisis in November of last year, Cega has won praise. It has also made a name for itself as a market leader in counterparty management.
Recent fundraising efforts were made to build a trading staff of experts in exotic derivatives, develop new DeFi innovative primitives, and hasten the growth of Cega’s product line.
Cega is developing safer, higher-yielding products to create the next generation of DeFi derivatives
Cega is a DeFi application provider led by CEO Arisa Toyosaki that develops exotic derivative contracts and consumer-facing staking solutions for the retail market. For DeFi customers, Cega developed a decentralized application that combines basic and advanced options features.
A basket of puts with knock-in obstacles, the fixed coupon note is its first exotic options structured product. Retail investors benefit from this exotic structured product’s higher yield, built-in downside protection, and compounded gains. Market makers also earn from it because it gives their portfolio a cheaper hedge and permits proprietary gains from hedging trades.
“Cega has created an entirely new DeFi primitive through their innovation in exotic option smart contracts that were a 0-to-1 product with strong organic traction,” said Tom Schmidt, General Partner at Dragonfly Capital Partners.
“The protocol has weathered the numerous blow-ups from last year without losing any funds, a testament to the team’s experience and diligence. In this same time, they’ve grown to be the Number one options protocol on Solana and one of the top derivatives protocols in the DeFi space overall,” added Tom Schmidt.
Former derivative traders, developers, and founders make up the brilliant team at Cega, including industry specialists. Due to their knowledge, investors can create novel structured products with high yields and built-in downside protection.
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