Beyond Finance is launching BYN on leading platforms today
Beyond Finance is the decentralized platform for synthetic financial products designed specifically to suit the needs of the synthetic creator. Customers can use these products to track prices of underlying assets, such as currencies, stocks, commodities, exchange-traded funds, etc. Furthermore, they can make each synthetic product represent $1 or more complex products, like leveraged/inverse ETFs.
The Beyond protocol governs the synthetic products, while BYN tokens play the role of collateral. The company uses its automated market maker built on its protocol to create deep liquidity for its products.
Beyond Finance will reward BYN token holders with additional tokens when they stake and provide liquidity to the synthetic products. Customers can use bid/ask orders on the trading interface for controlled trading orders.
Due to its interesting offerings, Beyond Finance gained popularity rapidly, receiving an overwhelming response from the community. It recently announced the complete list of IDOs it is launching on April 12th. The company has added two additional Initial Dex Offerings (IDO) to the initial list.
Synthetic products are custom-built asset classes created through contracts where investors or traders do not have to own the underlying asset. Beyond Finance has successfully completed the first steps on its roadmap, and now it plans to raise funds through the DEX initial offering (IDO). It is launching the BYN Token today via an additional two Initial DEX Offering (IDO) Launchpads. The sale begins on April 12th, 2021, at 14:00 UTC.
However, the company warned that there are multiple fake Beyond Finance Token (BYN) telegram groups, so investors should ensure that they aren’t using scam websites.
The BYN token’s listing price is $0.5, and it will launch via IDO on DuckDao, Bondly, Ignition+DAO Maker pool, PolkaBridge, and Zendit.
Beyond Finance already raised $7.5M thanks to its synthetic products
The company has announced a $7.5-million round of fundraising from major blockchain funds, including DuckDAO, Moonwhale Ventures, Blocksync, A195, Rarestone Capital, Cryptomeria Capital, X21 Digital, Consensus Capital, Master Ventures, and more. Beyond Finance managed to raise funds simply by word of mouth over the past few weeks. It hasn’t employed any advertising in the lead-up to its initial DEX offering scheduled for today.
Dorji Rabten, head of operations at Beyond, stated that they are excited to share their vision of creating an easy-to-use, democratized synthetic product ecosystem. Accessing synthetic products can be challenging currently. Many offerings have critical flaws, and that causes trust issues within various ecosystems. Beyond aims to solve this by providing the same institutional-grade solutions and access for everyone.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.