The new project Flying Tulip has completed a $200 million financing with a valuation of $1 billion, with participation from DWF Labs and others.

On September 30, the cryptocurrency project Flying Tulip, founded by Andre Cronje, announced the completion of a $200 million private sale seed round financing at a valuation of $1 billion. This round of financing was participated by Brevan Howard Digital, CoinFund, DWF Labs, FalconX, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital, and Virtuals Protocol. The $200 million financing was completed through a Simple Agreement for Future Tokens (SAFT) structure. Flying Tulip aims to build an on-chain trading platform covering the entire DeFi space - including Spot, derivation, lending, stablecoins, and insurance, unified within one system. A notable feature of this financing is the so-called 'onchain redemption right', also known as a perpetual sell option. Whether in private or public rounds, investors can destroy FT Tokens at any time to redeem their initial invested assets (such as ETH). Cronje stated that this model aims to provide downside protection for investors while maintaining 'unlimited pump potential'. Redemptions will be managed by audited smart contracts, with protective mechanisms such as queuing and rate limits set to ensure solvency. If reserves are temporarily insufficient, requests will enter a transparent queue and be processed sequentially once funds are replenished. Before the public sale is completed, FT Tokens will remain non-transferable. Team members will not receive initial token allocations; their compensation will come from public market repurchases supported by protocol revenue.