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Binance Smart Chain’s (BSC) $1 billion growth fund made its second investment this week, funding decentralized derivatives exchange Deri Protocol. The amount was not disclosed.

Binance has been moving quickly since announcing the growth fund in October. It previously announced MCDEX, another derivatives exchange, as the first.


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“The derivatives market connects professional traders from the traditional financial market to the cryptospace,” said 0xAlpha, co-founder and CEO at Deri Protocol, in a statement. “Deri, enables decentralized and transparent mode of managing derivatives for these niche users who receive precise risk exposures and capital efficiency. With BSC’s support we aim to scale Deri for mass adoption.”

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Deri Protocol has $80 million in average daily volume, with an all-time high of $600 million, set on Nov. 3.