Variational, an engineering-oriented Web3 infrastructure provider, has announced a $50M Series A funding round. The main aim of the new infusion of funds is to improve the design and popularisation of its automated, peer-to-peer crypto derivatives trading protocol.

The round was led by Dragonfly Capital and saw significant follow-on investment from an impressive consortium of digital asset-focused venture capital firms, including Bain Capital Crypto, Peak XV Partners (previously Sequoia India), Coinbase Ventures, Hack VC, Brevan Howard and North Island Ventures. With this most recent round, Variational has raised over $60 million after closing a $10.3 million seed round and a further $1.5 million strategic raise.

Established in 2021 by a…