TechFlow news, September 30 — According to The Block, Flying Tulip, a new project founded by Sonic co-founder Andre Cronje, has raised $200 million in a private seed round, valuing the project at a $1 billion FDV. Investors in this round include Brevan Howard Digital, CoinFund, DWF Labs, FalconX, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital, and Virtuals Protocol. The funding was structured via a Simple Agreement for Future Tokens (SAFT), and the project plans to raise up to an additional $800 million through a public sale conducted on its own platform.
Flying Tulip aims to provide investors with "on-chain redemption rights"—perpetual put options allowing them to burn FT tokens at any time to reclaim their original principal. Positioned as a full-stack on-chain exchange, the project integrates spot trading, derivatives, lending, money markets, a native stablecoin (ftUSD), and on-chain insurance. The project will initially launch on the Sonic network before expanding to Ethereum, Avalanche, BNB Chain, and Solana.
