In brief
Multi-chain perps exchange Satori Finance is closing its doors next month.
The firm raised $10 million from Coinbase Ventures, Jump Capital, and others in 2022.
Satori said the extended market downturn had a significant impact on its financial situation.
Satori Finance, a decentralized perpetual futures exchange backed by Coinbase Ventures and Jump Capital, is sunsetting its platform due to financial stress amid a declining crypto market.The firm, which raised $10 million from investors in 2022, supported perps trading on Ethereum, BNB Chain, and prominent layer-2 networks like Base and Arbitrum, among other crypto networks.“Unfortunately, due to prolonged unfavorable market conditions, our revenue has not been sufficient to sustain operations, and continuing to run the platform is no longer financially viable,” it posted on X.The platform will remain operational throughout the next month, but the firm is recommending that users close open trades and withdraw their assets. When it ceases operations after July 16 at 7:59 p.m. ET, the team said customers may no longer be able to access their funds.
