Mochatrade, a US-based perpetual stock futures trading platform, has raised a total of $5.56 million in funding.
Mochatrade, a US stock perpetual contract trading platform backed by Y Combinator, has raised a total of $5.56 million. The seed round was led by CoinFund, with participation from Coinbase Ventures and others. The $690,000 pre-seed round was led by Y Combinator and Pioneer Fund. The platform targets Indian traders, allowing them to deposit UPI (Uniform Indian Riel) and leverage their positions to go long or short on US stocks such as Nvidia, Tesla, and Apple, without needing to hold actual shares or open a US securities account. Currently in the testing phase, the platform has a waiting list of over 20,000 participants and is expected to launch publicly in the coming weeks. The funding will be used for trading technology development and user growth, with future plans including US stock options, more trading assets, and social trading features. There are currently no plans to issue a cryptocurrency. (Source: The Block)