Crypto derivatives firm Hxro (pronounced “hero”) has raised $15 million in a token sale from hedge fund manager Commonwealth Asset Management.
The investment is the largest single investor fundraiser that the firm has had to date. It comes in the wake of Hrxo Network, a decentralized protocol built on Solana that offers permissionless access to liquidity on options markets.
Commonwealth is a global macro and real estate-focused hedge fund that includes veteran investors like Louis Bacon and Alan Howard. Commonwealth Chief Investment Officer Adam Fisher said the fund chose to invest because of Hxro’s plans to generate liquidity and a stronger market structure in the decentralized options market.
“When volatility expands and the liquidity backs away, market participants who need to adjust their position are pretty much unable to do something,” said Dan Gunsberg, co-founder and CEO of Hxro, adding:
“It’s one thing to get large retail players into the market, but for macro funds or large hedge funds the need to hedge and the need to take position in options is greater than ever.”
