Crypto trading platform Variational has raised US$10.3 million in seed funding co-led by Bain Capital Crypto and Peak XV Partners on Wednesday, with additional investments from Coinbase Ventures and Dragonfly Capital.

Based in George Town, Cayman Islands, Variational specializes in peer-to-peer trading of customizable crypto derivatives.

Variational was founded in 2021 by Lucas V. Schuermann and Edward Yu, serving both retail and institutional traders through its trading infrastructure.

The engineering team includes talent from firms like Google, Meta, and Goldman Sachs.