New York · U.S. · Iran · Fortune Technology
Son of pro-crypto New York Senator Kirsten Gillibrand raises $30 million to launch a derivatives exchange
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The 22-year-old son of a crypto-friendly senator plans to launch his own exchange for a type of derivative popularized by digital asset traders.
Key facts
- Kirsten Gillibrand (D-N.Y.), has drummed up $30 million in a fundraise led by the venture firm Lux Capital, according to two
- More recently, perpetual futures, which trade 24/7 on Hyperliquid and similar venues, became popular among traders during the U.S.’s war with Iran, as speculators traded oil index perps
- The 22-year-old son of a crypto-friendly senator plans to launch his own exchange for a type of derivative popularized by digital asset traders
- Theodore’s startup plans to apply for a license from the Commodity Futures Trading Commission to list perpetuals for equities and stock indices, not cryptocurrencies, according to a presentation
Summary
Dubbed American Perpetuals Exchange Corp., or APEC, the trading platform aims to list perpetual futures, or “perps,” a form of futures contracts that allow traders to bet on the price of assets without holding the assets themselves. Theodore’s startup plans to apply for a license from the Commodity Futures Trading Commission to list perpetuals for equities and stock indices, not cryptocurrencies, according to a presentation filed with the Securities and Exchange Commission. “It is clear that the future of these markets is not in offshore and unregulated foreign entities but rather in a regulated and institutional American company,” said Theodore confirming details of the round. Perpetual futures have long been popular on digital asset exchanges.