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The project has also raised an additional $50 million through Curated, the DeFi platform operated by Impossible Finance, as part of the $200 million fundraising set aside for Impossible.
A separate $200 million has also been set asideet aside for Coinlist, and begins next week.
The project is also planning more whitelist rounds to fill the remainder of its $1 billion raise.
Flying Tulip, the project behind the delta-neutral stablecoin ftUSD, has raised $75.5 million in two separate fundraisings. According to the report by The Block, Amber Group, Paper Ventures, and Fasanara Capital participated in a $25.5 million Series A token round at a valuation of $1 billion. The Series A round brings the total raised to $225 million.
The project has also so far raised $50 million through Curated, the DeFi platform operated by Impossible Finance, as part of the $200 million fundraising set aside for Impossible, according to Cronje.
The project has also set aside an additional $200 million for Coinlist whitelisting, with plans for more allocations planned to fill out the remainder of its $1 billion target. The latest funding follows Flying Tulip’s $200 million seed round announced in October.
Flying Tulip has received soft commitments in the tune of $1.6 billion; however, there is only space for about $400 million to be filled, assuming Coinlist and Impossible Finance’s allocations are filled, according to Cronje.
Both platforms have already attracted interest in the tune of billions, which again points towards a possible case of oversubscription.
According to Cronje, all Flying Tulip (FT) tokens are priced at $0.10 for the allocations, with a capped fully-diluted value of $1 billion. The tokens can be redeemed fully on-chain for both public and private rounds, in what is dubbed a “perpetual put”.
According to Cronje’s description, a perpetual put allows investors to burn their tokens at any time, redeeming up to the original principal in the asset they contributed, like the ETH.
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