--News Direct--
Panama City, Florida, January 5, 2024 - (Plato via 500NewsWire) -- Bracket Labs completed a $2 million pre-seed fundraise round to support the launch of "Passage," a volatility trading product available on the project’s BracketX trading platform. The debut of the range-bound product makes trading long and short volatility entirely on-chain easy for traders of all levels.
In June 2023, Bracket Labs completed Binance Labs’ Season 5 Incubation Program and received investment from Binance Labs. In addition to completing the Incubation Program, Bracket Labs completed its pre-seed investment round from other notable crypto funds such as NGC Ventures, Cypher Capital, 0x Capital, PHD Capital, FJ Labs, SCC Investments, K300 Ventures, Scope Research, W3Coin Ventures, Titan Equity Group and Bitfund DAO.
“We are deeply impressed by their innovative approach to on-chain volatility trading. Creating volatility products that are approachable by traders of all skill levels is no small feat. The next generation of DeFi users will demand advanced products alongside a simple interface, and Bracket is the obvious choice. We are proud to partner with Bracket,” said Chris Miller, NGC Ventures.
“The market has limited tools for trading volatility on-chain. We had to get creative in order to build a new product that appealed to traders of all skill levels and stood out from the existing DEXs and perps exchanges in the market. Passage is our answer,” said Pelli Wang, Co-Founder and COO of Bracket Labs. “We were able to create a new and exciting trading platform that abstracted away all of the complexities of derivatives and options math.”
Across crypto, blue chip assets like Bitcoin (BTC) and Ethereum (ETH) often exhibit extended periods of sideways movement punctuated by spikes in volatility. Built on Arbitrum, BracketX is the first on-chain trading product for range-bound derivatives. The Passage product uses a proprietary dynamic volatility model that automatically adjusts volatility ranges based on market conditions, giving traders a way to trade volatility without bias for price direction.
One of Passage's standout features is its simplicity. Traders can easily set a range, take the “Stay In” or “Breakout” side of the trade, and lock in leverage of 200% over a two-day term. Passage also introduces a limit order book and vault to improve liquidity in the market.
The Bracket Labs team includes senior-level veterans of D.E Shaw, Merrill Lynch, Barclays, Bloomberg, Consensys, and DeerCreek. Bracket Labs was launched in 2023 and has established a track record of bringing accessible and efficient decentralized tools to market for users of all skill levels.
Passage launches with ETH-denominated markets and plans to incorporate liquid-staked tokens in the future. Passages will also deploy on BNB Chain in 2024 as well.
For more information about BracketX and Passage, please visit www.bracketx.fi.
About Bracket Labs
Bracket Labs’ mission is to democratize financial products and introduce on-chain innovations in volatility trading. Domiciled in Panama, the team has deep crypto and traditional finance backgrounds and senior leadership experience at D.E Shaw, Merrill Lynch, Barclays, Bloomberg, Consensys, DeerCreek, and more.
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Kyle Heise
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Kyle Heise, PR Director
+1 925-818-2327
View source version on newsdirect.com: https://newsdirect.com/news/bracket-labs-announces-2-million-pre-seed-raise-to-support-the-launch-of-its-passages-trading-platform-172691202
