D2X Raises €4.3M from Circle, CMT Digital to Expand Institutional Crypto Derivatives

Amsterdam-based crypto derivatives exchange D2X has secured €4.3 million in fresh funding from a lineup of heavyweight backers, including CMT Digital, Circle Ventures, and Canton Ventures.

Key Takeaways:

• D2X has raised €4.3M to expand its institutional crypto derivatives platform.
• The exchange operates under a MiFID-regulated license.
• D2X offers seven-day trading for BTC and ETH futures.

The capital injection will fuel product development and support onboarding for institutional clients seeking a regulated path into crypto derivatives trading, according to a report from Silicon Canals.

“With its MTF license and weekend-ready architecture, D2X addresses two major gaps in Europe: regulated venues and access to 24/7 crypto markets,” said Charlie Sandor, Investment Partner at CMT Digital.

“We’re proud to support a team that’s setting a new benchmark for institutional crypto trading.”

The round also drew participation from existing investors including Point72 Ventures, Tioga Capital, GSR, and Fortino Capital.

It follows D2X’s €9.1 million Series A funding raised in 2023, which coincided with the exchange becoming the first in the EU to receive a MiFID-compliant Multilateral Trading Facility (MTF) license for crypto derivatives, granted by the Dutch Authority for Financial Markets (AFM).

Founded by Theodore Rozencwajg, Don van der Krogt, and Laetitia Grimaud, D2X is focused exclusively on institutional-grade crypto derivatives.

The company’s product lineup currently includes USD- and EUR-denominated Bitcoin and Ethereum futures, with options trading expected to launch shortly.

Its infrastructure supports seven-day trading while remaining fully compliant with MiFID II regulations, a model designed to mirror the around-the-clock nature of crypto markets while offering the safeguards traditional financial institutions expect.

D2X $5M Strategic Round

About:
D2X is a platform that provides trading of cryptocurrency derivatives.

Investors:@GSR_io, @CMT_Digital, @circle_ventures, @TiogaCapital, @p72vc, and @FortinoCapital

https://t.co/26auSn7Vep pic.twitter.com/4ahpKXQcwR

The firm’s latest launch, USD-based futures for BTC and ETH, caters to growing institutional demand for dollar-settled instruments in a regulatory-compliant setting.

“This funding allows us to enhance our product suite and accelerate the onboarding of Tier-1 institutions,” said Rozencwajg. “We’re building for those who require a trusted, transparent, and regulated trading venue.”

With MiFID-regulated status, real-time USD exposure, and a compliance-first approach, D2X is positioning itself as a European leader in institutional crypto derivatives.

Last week, Coinbase introduced CFTC-regulated nano Bitcoin and Ethereum perpetual futures, giving US retail traders access to up to 10x leverage within a compliant onshore framework.

Offered through Coinbase Financial Markets, the contracts come with low taker fees starting at 0.02% and replicate traditional perps, featuring five-year expirations and hourly funding rates.

Settled in USD, the new products trade 24/7 and aim to bring U.S. users back from offshore platforms.

Perpetual futures dominate global crypto derivatives trading, but American traders have long been pushed to riskier offshore venues due to regulatory hurdles.

Coinbase’s launch marks a shift, providing legal access to leverage while aligning with Commodity Futures Trading Commission (CFTC) standards.

The move is part of a broader trend as US exchanges, including Kraken, ramp up their regulated derivatives offerings.

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