On-chain one-stop DEX Flying Tulip completed a $200 million seed round at a $1 billion valuation, with participation from DWF Labs and others.

Techub News, according to The Block, the new crypto project Flying Tulip, founded by DeFi veteran Andre Cronje, has completed a $200 million private seed round at a $1 billion valuation. Participants included Brevan Howard Digital, CoinFund, DWF Labs, FalconX, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital, and Virtuals Protocol, among others.

Flying Tulip aims to build an on-chain exchange spanning the "entire DeFi ecosystem," which will cover spot trading, derivatives trading, lending, stablecoins, and insurance services. This $200 million financing was conducted in the form of a Simple Agreement for Future Tokens (SAFT), valuing Flying Tulip's tokens at a $1 billion fully diluted valuation (FDV). The fundraising began on August 14 and was completed within one month, with no single lead investor.