Coinbase-Backed Crypto Perps Exchange Satori Finance Is Shutting Down

Satori Finance, a cryptocurrency derivatives decentralized exchange (DEX) backed by Coinbase, announced its closure on June 10, 2024, citing the prolonged market downturn as the primary reason. The exchange, which facilitated perpetual futures trading, will cease operations entirely by June 17, 2024. Satori Finance had previously raised $10 million in a funding round led by Coinbase Ventures in August 2023, with participation from other notable investors including Pantera Capital and Multicoin Capital. The platform aimed to offer a more efficient and transparent alternative to centralized exchanges for derivatives trading. Its shutdown marks another casualty in the cryptocurrency industry, following a period of significant market volatility and regulatory uncertainty that has impacted numerous crypto firms. The decision to close was made after careful consideration of the current market conditions and the company's ability to sustain operations, according to a statement released by the company.