CoinWorld reported on June 24 that Sphinx, an institutional-grade on-chain commodity derivatives exchange, announced the completion of a $2 million Pre-seed funding round, led by Eckhardt Capital, with participation from Big Brain Holdings, Blockchain Founders Fund, Blizzard, TRIVE Ventures, Cosmos Hub, London Real Ventures, GS Futures, as well as Andrew Durgee, Stefan Rust, and Zachary Keats.
According to reports, Sphinx is an institutional-grade commodity derivatives exchange based on its own licensed Layer 1 blockchain. It provides around-the-clock direct access to futures, options, and perpetual contracts for oil, natural gas, and other energy commodities.