D2X Secures €4.3M from Circle & CMT Digital—Institutional Crypto Derivatives Just Got Serious

Money talks—especially when it’s €4.3M landing in D2X’s lap from heavyweights Circle and CMT Digital. The target? Turbocharging institutional crypto derivatives. Because what’s finance without a little leverage?

Why derivatives? Institutions crave hedging, and crypto’s volatility is a playground for structured products. D2X’s fresh capital signals Wall Street’s appetite isn’t slowing—just getting smarter.

The players: Circle brings stablecoin muscle, CMT Digital adds trading pedigree. Together, they’re betting crypto’s wild west needs more sheriff badges—or at least better risk management tools.

Cynic’s corner: Because nothing says ‘mature market’ like doubling down on derivatives—the same instruments that ‘worked so well’ in 2008.

D2X Secures Follow-On Support from Point72, Tioga, GSR, and Fortino

The round also drew participation from existing investors including Point72 Ventures, Tioga Capital, GSR, and Fortino Capital.

It follows D2X’s €9.1 million Series A funding raised in 2023, which coincided with the exchange becoming the first in the EU to receive a MiFID-compliant Multilateral Trading Facility (MTF) license for crypto derivatives, granted by the Dutch Authority for Financial Markets (AFM).

Founded by Theodore Rozencwajg, Don van der Krogt, and Laetitia Grimaud, D2X is focused exclusively on institutional-grade crypto derivatives.

The company’s product lineup currently includes USD- and EUR-denominated Bitcoin and ethereum futures, with options trading expected to launch shortly.

Its infrastructure supports seven-day trading while remaining fully compliant with MiFID II regulations, a model designed to mirror the around-the-clock nature of crypto markets while offering the safeguards traditional financial institutions expect.

D2X $5M Strategic Round

About:
D2X is a platform that provides trading of cryptocurrency derivatives.

Investors:@GSR_io, @CMT_Digital, @circle_ventures, @TiogaCapital, @p72vc, and @FortinoCapital

https://t.co/26auSn7Vep pic.twitter.com/4ahpKXQcwR

The firm’s latest launch, USD-based futures for BTC and ETH, caters to growing institutional demand for dollar-settled instruments in a regulatory-compliant setting.

“This funding allows us to enhance our product suite and accelerate the onboarding of Tier-1 institutions,” said Rozencwajg. “We’re building for those who require a trusted, transparent, and regulated trading venue.”

With MiFID-regulated status, real-time USD exposure, and a compliance-first approach, D2X is positioning itself as a European leader in institutional crypto derivatives.

Coinbase Launches Regulated Perpetual Futures for US Retail Traders

Last week, Coinbase introduced CFTC-regulated nano Bitcoin and Ethereum perpetual futures, giving US retail traders access to up to 10x leverage within a compliant onshore framework.

Offered through Coinbase Financial Markets, the contracts come with low taker fees starting at 0.02% and replicate traditional perps, featuring five-year expirations and hourly funding rates.

Settled in USD, the new products trade 24/7 and aim to bring U.S. users back from offshore platforms.

Perpetual futures dominate global crypto derivatives trading, but American traders have long been pushed to riskier offshore venues due to regulatory hurdles.

Coinbase’s launch marks a shift, providing legal access to leverage while aligning with Commodity Futures Trading Commission (CFTC) standards.

The MOVE is part of a broader trend as US exchanges, including Kraken, ramp up their regulated derivatives offerings.