The new DeFi project Flying Tulip has completed a $200 million funding round at a $1 billion valuation, with participation from DWF Labs.

Blockbeats09-30

BlockBeats News, September 30, the cryptocurrency project Flying Tulip, newly founded by Andre Cronje, announced that it has completed a $200 million seed round of financing at a $1 billion valuation....

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This round of financing was led by Brevan Howard Digital, CoinFund, DWF Labs, FalconX, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital, and Virtuals Protocol, among others.This $200 million financing was completed through a Simple Agreement for Future Tokens (SAFT) structure. Flying Tulip aims to build an on-chain trading platform that covers the entire DeFi sector — including spot trading, derivatives, lending, stablecoins, and insurance — all unified within one system.A key feature of this financing is the so-called \"onchain redemption right,\" also known as a perpetual put option. In both private and public rounds, investors can destroy FT tokens at any time to redeem the assets they initially invested (such as ETH). Cronje stated that this model is designed to provide investors with downside protection while maintaining \"unlimited upside potential.\"Redemptions will be managed by audited smart contracts and will include protective mechanisms such as queuing and rate limiting to ensure solvency. If the reserves are temporarily insufficient, requests will enter a transparent queue and be processed in order after fund replenishment. Until the public offering is completed, FT tokens will remain non-transferable. 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