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The round also attracted participation from CoinFund, FalconX, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital, and Virtuals Protocol.
All primary sale participants, including both private and public, will have the option to burn $FT at any time and redeem up to their original principal in the asset contributed.
Flying Tulip said it is targeting up to $1 billion in total funding across private and public phases.
Flying Tulip, the full-stack on-chain exchange founded by Andre Cronje has announced a $200 million private funding round backed by Brevan Howard Digital, CoinFund, FalconX, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital, and Virtuals Protocol, among others.
The funds were raised at a token valuation of $1 billion, according to The Block. The company also announced an $FT token sale at the same valuation, to be hosted across multiple chains.
According to the blog post seen by NFTgators, all primary sale participants, including both private and public, will have the option to burn $FT at any time and redeem up to their original principal in the asset contributed. Flying Tulip said it is targeting up to $1 billion in total funding across private and public phases.
The company has not made a token allocation to the team, with the team exposure instead accruing “only through open‑market buybacks funded by a share of protocol revenues,” subject to a transparent schedule.
Commenting on the announcement, Andre Cronje, founder of Flying Tulip, said in a statement: “Our goal is to provide institutional‑grade market structure with on-chain guarantees and clear alignment between users, investors, and the team.”
Flying Tulip’s on-chain exchange platform offers a variety of products, including an integrated native stablecoin, money market, spot trading, derivatives, options, and on-chain insurance within a single cross‑margin, “volatility‑aware system designed for capital efficiency.”
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