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Flying Tulip was publicly announced by founder Andre Cronje, revealing its mission to build a full-stack on-chain exchange and a successful $200M private funding round.

Andre Cronje first proposed the 'Deriswap' concept, a protocol combining swaps, futures, and loans into a single capital-efficient system, which served as the foundation for Flying Tulip.

Flying Tulip raised $200 million in a private seed round at a $1 billion valuation from investors including Brevan Howard Digital, CoinFund, and Susquehanna Crypto.