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Y Combinator-backed trading platform Mochatrade has raised $5.56 million to offer Indian investors perpetual futures tied to U.S. stock prices, The Block reported. The seed round was led by CoinFund, with participation from Coinbase Ventures and Nikki Montana of Zero Knowledge Ventures.
Mochatrade had previously raised $690,000 in pre-seed funding from Y Combinator and Pioneer Fund. The platform is designed to let Indian users fund accounts in rupees through the Unified Payments Interface, or UPI, and trade perpetual futures contracts tracking U.S.-listed stocks such as Nvidia, Tesla and Apple.
Users can use leverage to bet on both gains and declines in those stocks without directly owning U.S. equities or opening a U.S. brokerage account, and withdrawals are also available in rupees. The company plans to use the new funding to develop its trading technology and acquire customers.
Mochatrade also plans to add U.S. stock options, additional assets and social trading features. It currently has no plans to issue a token.