Decentralized Exchange Contango Closed $4 Million Funding Round with Participation from Coinbase Ventures and Others

Contango, a decentralized exchange offering expirable futures, closed $4 million in funding led by ParaFi, with participation from Coinbase Ventures, Spartan Group, AngelDAO, Cumberland and others. Contango, incubated at Alpha Venture DAO, is building the first open-source DEX to offer expirable futures without an order book or liquidity pools. When a trader opens a position on Contango, the protocol borrows on the fixed-rate market, swaps on the spot market, then lends back on the fixed-rate market, with physical delivery provided by the protocol at expiry.