Andre Cronje’s latest project, Flying Tulip, has raised $200M in a private round and is opening a public sale of its FT crypto token at the same $1Bn valuation.

The exchange startup, based in New York, announced the move on September 29, stating that it is building a full-on-chain trading platform.

The plan combines a native stablecoin, money markets, spot, derivatives, options, and insurance into one system.

By linking everything through cross-margin, the company says it can make capital more efficient for users.

The public sale will be run directly on-chain across several networks. Details such as which assets are supported, the amount that will circulate at launch, and the official contract addresses will be published…