Andre Cronje's new project Flying Tulip raises $200M

Flying Tulip, a new cryptocurrency project founded by Andre Cronje, co-founder of Sonic Labs (formerly Fantom), has raised $200 million, The Block reported. The project is an on-chain exchange designed to integrate spot and derivatives trading, lending markets, stablecoins, and insurance services. The funding round was structured as a Simple Agreement for Future Tokens (SAFT), valuing the Flying Tulip token at a $1 billion fully diluted valuation (FDV). Participants in the round included Brevan Howard Digital, CoinFund, DWF Labs, FalconX, Hypersphere, and Lemniscap.