Arbitrum-based derivatives startup Variational has raised a $50 million Series A round led by Dragonfly Capital, according to an announcement on X on Wednesday.
The round also saw participation from Bain Capital Crypto and Coinbase Ventures. Bain previously led the company’s $10.3 million seed round.
Founded by Lucas Schuermann and Edward Yu, the Cayman Islands-based Variational aims to bring liquidity from traditional finance dealers and exchanges to onchain trading. The platform also aims to offer a wide array of derivatives, including real-world commodities.
On X, the firm noted its is starting "Phase 1 of our RWA rollout to stress-test" its infrastructure before launching over 100 TradFi markets this summer. Gold, silver, copper, and oil markets are now live, the team said.
Variational users will be able to trade these markets using a single cross-margined account, a feature that is rolling out across more and more crypto trading platforms.
