FT Crypto? Andre Cronje Unveils Flying Tulip Supported by $200M Funding
Andre Cronje’s new venture, Flying Tulip, has successfully secured $200M in a private funding round and is set to launch a public sale of its FT coin at the same $1Bn valuation.
The New York-based trading protocol startup, announced on September 29 that it is developing a comprehensive on-chain trading platform.
The initiative integrates a native stablecoin, money markets, spot trading, derivatives, options, and insurance into one collective system.
According to the company, by connecting all elements via cross-margin, it aims to enhance capital efficiency for its users.
The public offering will be executed directly on-chain across multiple networks. Specifications regarding supported assets, circulating supply at launch, and the official contract addresses will be exclusively available on the project’s website to mitigate phishing threats.
The firm aims to reach a total of up to $1Bn in funding through both private and public phases. With $200M already in hand, the public could potentially access up to $800M.
Flying Tulip affirmed that official addresses will solely be listed on its website prior to the commencement of the sale.
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How Does the Flying Tulip Team Get Incentivized Without Token Allocations?
A notable aspect of the launch is what the team terms a perpetual on-chain “redemption right.”
Investors from both private and public rounds will have the option to burn FT tokens at any point and reclaim their original investment in the same asset, such as ETH.
This mechanism aims to offer downside protection for investors and differentiate the project from conventional coin launches.
Flying Tulip mentioned that redemptions will be facilitated directly from a segregated on-chain reserve, financed by funds raised. To ensure the system’s solvency and prevent exploitation, contracts will feature a queue and rate-limit system.
Additionally, the company clarified that the redemption right is not insured and is limited by the reserve size and network rules.
To mitigate the risk of rapid arbitrage trades, FT tokens will remain non-transferable until the public sale concludes. Purchasers won’t be able to trade or transfer these tokens during the subscription phase.
The Flying Tulip team will not receive any tokens at the time of launch.
Rather, the project asserts that its members will gain exposure only through open-market buybacks, which will be financed by a share of platform revenues and adhere to a published timetable.
The intention is to link team incentives to platform traction and long-term success, rather than upfront crypto token allocations.
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What Does Andre Cronje Mean by “Institutional-Grade Crypto market Structure”?
The $1Bn fully diluted valuation established during the private round now applies to the public phase as well.
The firm listed a diverse array of investors, including Brevan Howard Digital, CoinFund, DWF, FalconX, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital, and Virtuals Network.
“Our objective is to deliver an institutional-quality trading market structure with on-chain assurances and clear alignment among users, investors, and our team,” Cronje stated in the update.
Flying Tulip indicated it will reveal its chains, assets, initial float, and official sale contracts prior to the public sale. Important unresolved questions include how the redemption reserve reacts under stress and how secondary crypto market liquidity forms once transfer restrictions are lifted.
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The post FT Crypto? Andre Cronje Launches Flying Tulip With $200M Backing appeared first on 99Bitcoins.
