Flying Tulip Raises $200M, Announces $FT Token Public Sale

Flying Tulip, an on-chain financial marketplace led by Andre Cronje, has raised $200 million in a private funding round and plans a public sale of its $FT token at the same valuation.

The platform aims to create a unified market for digital assets, integrating stablecoin, spot and derivatives trading, lending, and on-chain insurance.
The funding round included investors such as Brevan Howard Digital, CoinFund, DWF, FalconX, Hypersphere, and others.
Flying Tulip seeks up to $1 billion in total funding, indicating strong institutional interest in DeFi and Cronje's projects like Yearn Finance.

Tokenomics and Redemption Rights

Participants in the primary sale will receive an on-chain redemption right, described as a "perpetual put," allowing token redemption equivalent to the original principal.
A segregated on-chain reserve funds these redemptions, aiming to protect downside while offering unlimited upside.
The team holds no initial token allocation; their exposure is earned through open-market buybacks using protocol revenues.
Public sale details, including supported assets and sale mechanics, will be announced before launch.

Andre Cronje aims to provide institutional-grade market structures with on-chain guarantees. The project emphasizes user-controlled assets and compliance features to meet regulatory expectations.