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DeFi Protocol dYdX Acquires Pocket Protector in Bold DeFi Expansion
In a move that signals its commitment to growth and diversification, decentralized derivatives exchange dYdX has announced the acquisition of Pocket Protector, a crypto social trading platform. This is not only the first-ever external acquisition made by dYdX but also signifies a significant shift in its business strategy.
The acquisition deal, which took just about a month to finalize after initial discussions began in March, will see a substantial portion of Pocket Protector’s engineering team join forces with dYdX. Moreover, co-founders Eddie Zhang and Kaiser Kinbote will take on leadership roles within the organization, with Zhang becoming President and Kinbote assuming the position of Head of Growth.
According to Antonio Juliano, founder and CEO at dYdX, the acquisition was financed through a combination of cash and dYdX tokens. While the exact figure for the deal remains undisclosed, it is clear that this development represents a major milestone in dYdX’s journey as a leading DeFi protocol.
The acquisition serves as a strategic move by dYdX to expand its offerings into new trading formats. Furthermore, it aims to integrate social features into its core products. Juliano expressed enthusiasm for having Zhang and Kinbote join the organization, highlighting their impressive backgrounds in crypto-native product development, tokenomics, and community building.
Zhang, formerly Lead of Product at Meta Platforms, has also co-founded social app Fam and contributed to consumer growth initiatives at Eventbrite. Similarly, Kinbote boasts a decade’s worth of experience in the mentioned areas.
Following the acquisition, dYdX’s flagship token, dydx, surged by 3.94% within the last 24 hours and currently trades at $0.6802. The token has also experienced an increase in its market capitalization to approximately $507 million.
Source: www.coinspeaker.com
