dYdX Acquires Pocket Protector, Appoints Eddie Zhang as President

dYdX, a leading decentralized exchange, has announced the acquisition of Pocket Protector, a social trading app renowned for its Telegram-based trading bot. The financial specifics of the deal remain undisclosed. This acquisition marks a significant strategic move for dYdX, which has been a key player in the derivatives market for eight years.

As part of the acquisition, Eddie Zhang, the co-founder of Pocket Protector, has been appointed as the new president of dYdX. Zhang brings a wealth of experience from his previous roles at Meta and Amazon, which is expected to bolster dYdX's leadership and strategic direction. The entire Pocket Protector team, comprising nine employees, will also join dYdX, bringing valuable expertise in social trading to the exchange.

The integration of Pocket Protector's technology and team is anticipated to enhance dYdX's capabilities in the social trading space. This move could attract more users to the platform and expand dYdX's market reach. The acquisition underscores dYdX's commitment to innovation and its efforts to maintain a competitive edge in the rapidly evolving decentralized finance (DeFi) landscape.