Sphinx Protocol Raises $2M Pre-Seed to Launch Institutional Commodity Derivatives Exchange

June 24, 2025 – Sphinx Protocol, the pioneering institutional-grade commodity derivatives exchange, today announced the successful close of its $2 million pre-seed funding round. The round was led by Eckhardt Capital, with significant participation from a robust syndicate of Web3 and institutional finance investors, underscoring strong confidence in Sphinx's vision to transform the energy commodities market.

Sphinx Protocol is building the future of financial exchange infrastructure on its own bespoke, permissioned Layer 1 blockchain, the GCX Exchange. This innovative platform provides 24/7 direct access to futures, options, and perpetual swaps across oil, gas, and other major energy commodities, addressing critical inefficiencies in traditional markets.

"We are incredibly proud to announce this pre-seed funding, which marks a pivotal moment for Sphinx Protocol," said a spokesperson for Sphinx. "The support from Eckhardt Capital and our esteemed investors validates our mission to deliver a truly institutional-grade solution for commodity derivatives. We are bringing unprecedented speed, efficiency, and transparency to a market ripe for innovation, enabling participants to 'Power Profits, Fuel Futures' around the clock."

Traditional commodity exchanges are often plagued by high costs, capital inefficiencies, and lengthy settlement times. Sphinx Protocol directly tackles these challenges by enabling atomic settlement, 10x lower trading fees, and a remarkable 28% increase in capital efficiency. The platform also boasts a 50% reduction in back-office costs by streamlining order matching, execution, clearing, settlement, trade netting, and cross-asset margining.

Key Innovations and Benefits of Sphinx Protocol:

Bespoke Layer 1 Blockchain (GCX Exchange): Engineered for performance and security, providing a dedicated environment for high-throughput trading.

24/7 Direct Market Access: Trade energy commodities anytime, anywhere, eliminating the constraints of traditional market hours.

CEX-Level Speed with Blockchain Transparency: Sub-millisecond execution through an ultra-low-latency matching engine, coupled with on-chain finality. Full FIX API & WebSocket support ensures seamless institutional connectivity.

Unmatched Capital Efficiency: Cross-margining across BTC and stablecoins frees up to 99% of capital, allowing traders to deploy resources more effectively.

Atomic T+0 Settlement: Real-time, on-chain settlement eliminates counterparty risk and the need for intermediaries, providing instant finality.

Significantly Lower Costs: Enjoy 10x cheaper trading fees and market maker rebates, reducing overall operational expenses.

Institutional-Grade Compliance: Sphinx is actively securing FCA and BMA regulatory approvals, ensuring adherence to AML/KYC requirements, trade surveillance, and institutional reporting standards.

The pre-seed round saw participation from leading investment firms including Big Brain Holdings, Blockchain Founders Fund, Blizzard Fund, Trive Digital, Cosmos Hub, London Real Ventures, and GS Futures. Additionally, the round attracted strategic angel investors such as Andrew Durgee, Stefan Rust, and Zachary Keats, whose expertise spans across Web3 and traditional finance.

This capital injection will fuel Sphinx Protocol's next critical phase, including the launch of its mainnet, deepening regulatory engagement, and onboarding institutional partners and validators. By providing a robust, compliant, and high-performance trading venue, Sphinx is poised to become the foundational infrastructure for the next generation of commodity derivatives.

About Sphinx Protocol:

Sphinx Protocol is building the first institutional-grade commodity derivatives exchange on its own permissioned Layer 1 blockchain, the GCX Exchange. Designed for the demands of modern energy commodities trading, Sphinx offers 24/7 access to futures, options, and perpetual swaps with atomic settlement, significantly lower fees, and superior capital efficiency. Sphinx is committed to delivering a compliant, high-performance, and transparent trading environment for institutional participants.