Andre Cronje’s Flying Tulip raises additional $75.5 million at $1 billion token valuation
Andre Cronje's Flying Tulip raised an additional $75.5 million in private and public sales at a $1 billion valuation.Summary
Flying Tulip, the new DeFi platform from Andre Cronje, has secured an additional $75.5 million through a combination of private and public token sales, maintaining a $1 billion fully diluted valuation consistent with its earlier seed round.
The private Series A round brought in $25.5 million from investors like Amber Group, Fasanara Digital, and Paper Ventures, bringing total institutional capital to $225.5 million (including the prior $200 million seed round). Furthermore, $50 million has been raised from retail interest via Curated, with another $200 million allocation pending through CoinList.
All fundraising is priced at $0.10 per FT token and includes a "perpetual put" feature, allowing investors to redeem their principal in the contributed asset (like ETH) by burning tokens. Cronje noted that because of this redemption feature, the actual raised capital is technically zero, but the plan is to deploy up to $1 billion of potential capital into onchain strategies to generate yield for growth. Flying Tulip is building an integrated onchain exchange combining spot trading, perpetual futures, lending, and a native stablecoin, ftUSD.
(Source：The Block)