Exclusive: Son of pro-crypto New York Senator Kirsten Gillibrand raises $30 million to launch a derivatives exchange

The 22-year-old son of a crypto-friendly senator plans to launch his own exchange for a type of derivative popularized by digital asset traders. Theodore Gillibrand, whose mother is Sen. Kirstin Gillibrand (D-N.Y.), has drummed up $30 million in a fundraise led by the venture firm Lux Capital, according to two sources familiar with the matter. The deal valued Theodore’s startup at $300 million, said the sources, who asked for anonymity to discuss private business dealings.

Dubbed American Perpetuals Exchange Corporation, or APEC, the trading platform aims to list perpetual futures, or “perps,” a form of futures contracts that allow traders to bet on the price of assets without holding the assets themselves. As opposed to standard futures, these derivatives don’t have a set expiration date. 

Theodore’s startup plans to apply for a license from the Commodity........

© Fortune