Bracket Labs Expands Cross-Chain to Deliver Volatility Trading Product, Passage, to BNB Chain’s 1+ Million Users
[PRESS RELEASE – Panama City, Panama, February 1st, 2024]
Integration Comes on the Heels of $2 Million Investment Led By Binance Labs
Bracket Labs, a leader in on-chain volatility trading, announces the integration of its trading product, Passage, with BNB Chain, expanding Bracket’s simple, one-click trading platform to the most active trading blockchain in Decentralized Finance.
Crypto markets cyclically fluctuate through long periods of sideways trading followed by short periods of volatility. To take advantage of these conditions, Bracket innovates on traditional financial instruments and delivers an all-new leveraged trading product for volatility that is ideal in both sideways and trending markets.
With more than $3.2 billion in total value locked and 1+ million daily active users on BNB Chain, Bracket Labs will have access to increased liquidity for faster transactions and improved pricing. With this launch, Bracket Labs further diversifies its platform for traders with access to cheap fees on BNB Chain.
“We are excited to work with innovative, fully on-chain applications, especially as DeFi continues to grow and flourish. Tackling the problem of volatility or options trading is not easy, but Bracket Labs team has worked really hard to distill a complex topic into something that is fun and easy to use. This is a welcome addition to the BNB Chain ecosystem,” Mehmet Buyu, Global Business Development Manager, BNB Chain.
The latest expansion marks a culminating step in Binance Labs’ incubation and investment in Bracket Labs. The debut of the BracketX platform on BNB Chain follows the completion of a successful $2 million pre-seed fundraising round in January 2024. BracketX will incorporate infrastructure from BNB Chain, including BNB Greenfield, for optimal decentralized storage.
Passage, Bracket Labs’ flagship product, is designed to simplify on-chain volatility trading. The expansion to BNB Chain aligns with Bracket Labs’ commitment to democratizing financial products and fosters innovation in decentralized finance. Passage delivers an all-new volatility model for any market condition, enabling traders to navigate volatility and trade based on sideways or trending markets without a bias for price direction.
“We have worked closely with Binance Labs and BNB Chain for nearly a year to reach this point and we’re excited to finally debut our product for the incredible traders across BNB Chain,” says Pelli Wang, Co-Founder and COO of Bracket Labs. “Our launch on BNB Chain opens up a myriad of opportunities due to their active trading volume and liquidity. We expect many more partnerships in the future.”
Bracket Labs also expects to expand its derivatives trading products to include assets traded primarily on BNB Chain, including Pancake (CAKE) and more. Bracket Labs is also planning to add partnerships with major wallet providers, DEXs, Perpetuals, and Liquid Staking projects to grow its ecosystem with a focus on the international market.
For more information about BracketX and Passage, please visit www.bracketx.fi.
About Bracket Labs
Bracket Labs’ mission is to democratize financial products and introduce on-chain innovations in volatility trading. Domiciled in Panama, the team has deep crypto and traditional finance backgrounds and senior leadership experience at D.E Shaw, Merrill Lynch, Barclays, Bloomberg, Consensys, DeerCreek, and more.
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Kyle Heise
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kyle@scrib3.co
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