Hedgy Raises $1.2 Million for Smart Contract-Powered Bitcoin Derivatives

Hedgy Raises $1.2 Million for Smart Contract-Powered Bitcoin Derivatives

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Bitcoin derivatives startup Hedgy has raised $1.2m in new seed funding from a group of 10 investors that includes Draper Fisher Jurvetson partner Tim Draper, Salesforce CEO Marc Benioff and Sand Hill Ventures.

In conjunction with the announcement, Hedgy has also launched a new derivatives product aimed at commercial bitcoin miners.

Miners that use the derivative can effectively lock in a future price at which they can sell bitcoins, using a smart contract to settle the transaction on the bitcoin blockchain.

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