PANews reported on June 24 that according to official news, Sphinx, an institutional-level on-chain commodity derivatives exchange, announced the completion of a US$2 million Pre-seed round of financing, led by Eckhardt Capital, with participation from Big Brain Holdings, Blockchain Founders Fund, Blizzard, TRIVE Ventures, Cosmos Hub, London Real Ventures, GS Futures, as well as Andrew Durgee, Stefan Rust, Zachary Keats and others.

According to reports, Sphinx is an institutional-grade commodity derivatives exchange based on its own permissioned Layer1 blockchain. It provides 24/7 direct access to futures, options, and perpetual contracts for oil, natural gas, and other energy commodities.