dYdX has completed the acquisition of the social trading platform Pocket Protector, marking its first external acquisition.
This acquisition is carried out with cash combined with DYDX Token, while the founding team of Pocket Protector will join dYdX, expanding technical capabilities and developing copy trading products.
MAIN CONTENT
dYdX acquires Pocket Protector, a cryptocurrency social trading platform.
The deal involved cash and DYDX Token, the amount of which has not been disclosed.
The Pocket Protector team, consisting of 9 engineers, joins dYdX along with trading bot technology.
What form of transaction did dYdX use to acquire Pocket Protector and what is its value?
dYdX completed the acquisition of Pocket Protector through a combination of cash and DYDX Token, but the specific price has not been disclosed. This is a strategic move aimed at enhancing social trading features on the dYdX platform.
The use of internal tokens combined with cash not only increases financial flexibility but also strengthens the DYDX Token ecosystem. Pocket Protector, with a capital contribution of $7 million from reputable investment funds such as Electric Capital and Dragonfly, is an important strategic partner.
What will the Pocket Protector team contribute to the development of dYdX?
The two co-founders of Pocket Protector will take key roles in the dYdX leadership team, serving as chairman and head of growth, respectively. The technical team of 9 members along with trading bot technology on Telegram will be directly integrated into the dYdX system.
Integrating the founding team and engineers from Pocket Protector will help dYdX expand its copy trading product – a feature highly valued by the cryptocurrency community in terms of functionality and security.
Statement from dYdX CEO, July 2024
The trading bot technology focuses on user experience, helping subscribers automatically copy trading orders from experts, thus enhancing investment efficiency and attracting more new investors to the exchange.
What financial and technological background does Pocket Protector have before joining dYdX?
Launched in 2023, Pocket Protector raised $7 million from major investors, including Electric Capital and Dragonfly – pioneering investment funds in the cryptocurrency sector. This financial backing demonstrates the project's growth potential and advanced technology.
This lays a solid foundation for dYdX to expand into social trading, combining automated tools and community-based trading techniques, enhancing the experience for participants in the cryptocurrency derivatives market.
What does this acquisition mean for the cryptocurrency derivatives market?
This is a sign that decentralized exchanges (DEX) are strongly moving towards integrating social features to attract users and expand their ecosystem. The combination of dYdX and Pocket Protector helps create a diverse product that ensures transparency and security while meeting the growing demand for copy trading.
"Acquiring Pocket Protector demonstrates dYdX's commitment to leading the decentralized derivatives market with optimal technology solutions and a comprehensive user experience."
dYdX Product Development Director, July 2024
What new features will be upgraded on dYdX after this acquisition?
After the acquisition, the dYdX platform will add an automated trading bot system via Telegram along with a copy trading feature, allowing investors to automatically replicate the trading strategies of experts. This has been successfully tested in the global cryptocurrency market.
Frequently Asked Questions
How much did dYdX pay for Pocket Protector?
The value of the deal was not officially disclosed, but it was executed with cash and DYDX Token, indicating dYdX's financial flexibility.
How will the Pocket Protector team influence dYdX?
The two co-founders will play key roles, along with a 9-person technical team that will enhance the development of copy trading features and automated bots on the platform.
How did Pocket Protector raise funds before being acquired?
The project raised $7 million from major investment funds like Electric Capital and Dragonfly, showcasing its promising technology and market potential.
How does this deal affect the cryptocurrency derivatives market?
This is a significant step as DEX platforms integrate social features, improving the trading experience and diversifying products for users.
What features will be integrated after the acquisition?
dYdX will add Telegram trading bots and copy trading, making it easy for investors to replicate professional trading strategies.
Source: https://tintucbitcoin.com/dydx-ra-mat-pocket-protector-dau-tien/
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