Synthetix makes $27M bid to re-acquire crypto options platform Derive

Synthetix has floated acquiring Derive in a $27 million token exchange deal, subject to approval from both of the crypto platforms communities.

Decentralized finance platform Synthetix is planning to venture further into crypto derivatives with plans to re-acquire the crypto options platform Derive.

Synthetix said in a May 14 blog post that it plans to acquire Derive in a token exchange deal, pricing 1 SNX token to 27 DRV tokens, which would value Derive at around $27 million. 

The transaction is subject to approval from both the Synthetix and Derive communities, which will take a vote on the proposal, called SIP-415, next week.

Read more