Euphoria Raises $7.5M for Crypto Trading App

Euphoria, a MegaETH-based app focused on crypto derivatives trading, has successfully raised $7.5 million in seed funding. The funding includes a $2.5 million pre-seed round from November 2024 and a subsequent $5 million seed round between February and July this year, as reported by Nathan Worsley, the co-founder and CEO. The investment rounds, structured as simple agreements for future equity (SAFE) with token warrants, have elevated Euphoria's post-money valuation to an 'upper 8 figures'. The lead investor in the seed round was Karatage, joined by Figment Capital and Robot Ventures, along with over 100 angel investors, including notable figures like Kain Warwick and Frank Chaparro. Worsley emphasized that their investor base was intentionally curated for strategic value rather than crowd sourcing through launchpads. Euphoria aims to create a mobile app that simplifies the complexities of crypto derivatives trading, which includes options and perpetuals, by introducing a 'tap trading' interface. This user-friendly design is meant to attract everyday users who may find traditional trading methods daunting. Worsley mentioned that typical trading experiences can overwhelm users with order types and risk management, whereas Euphoria allows users to bet on price movements with minimal steps. With crypto derivatives currently dominating around 80% of the digital asset trading market, Worsley sees an opportunity for Euphoria to attract new users, similar to how Robinhood transformed stock options trading. The company's revenue model will be similar to Hyperliquid, generating funds through market-making and trading fees. Euphoria is set to launch its product on the MegaETH mainnet later this year, focusing solely on this blockchain for now. The Euphoria team comprises eight members, with plans to recruit additional talent in engineering and product design. A native token launch is also on the horizon as part of their long-term strategy.