Flying Tulip, a newly launched full-stack on-chain exchange, recently secured $200 million in a private funding round. Founded by Andre Cronje, the exchange is set to launch a public sale of its native FT token—also priced at the same valuation. The round was reportedly structured as a simple agreement for future tokens (SAFT) and values Flying Tulip’s token at a $1 billion fully diluted valuation.

According to the press release, the round was backed by prominent global investors, including Brevan Howard Digital, CoinFund, DWF, FalconX, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital and Virtuals Protocol. The funding is said to position Flying Tulip among the most highly valued early-stage decentralized finance (DeFi) projects of the year.

Flying Tulip offers a comprehensive financial ecosystem by integrating a native stablecoin, a robust money market, and a full suite of trading options, including spot and derivatives. By consolidating these services into a single platform, the exchange aims to give users enhanced flexibility and strategic advantages to optimize trading strategies and manage risk effectively.

“Our goal is to provide institutional-grade market structure with onchain guarantees and clear alignment between users, investors and the team,” Cronje said.

All FT token buyers—both private and public—will receive an on-chain redemption right, or “perpetual put,” allowing them to burn tokens and redeem up to their original principal in contributed assets such as ETH. These redemptions are settled from a segregated reserve seeded by the capital raised, offering downside protection while preserving upside potential.

In a departure from conventional tokenomics, Flying Tulip’s team will not receive an initial allocation. Instead, team exposure will accrue only through open-market buybacks funded by protocol revenues and governed by a transparent schedule—ensuring incentives are tied to real usage and long-term performance.

The upcoming public sale will be hosted across multiple blockchains. Flying Tulip is targeting up to $1 billion in total funding across both private and public phases.

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