Andre Cronje’s new venture, Flying Tulip (FT), has raised $200 million in a private funding round that values its token at $1 billion fully diluted. The raise, structured as a SAFT, included participation from Brevan Howard Digital, CoinFund, DWF Labs, FalconX, and Susquehanna Crypto, among others. The project now aims to raise an additional $800 million through a public token sale at the same valuation.
Flying Tulip differentiates itself with an “onchain redemption right,” allowing investors to redeem at any time in the asset contributed. Cronje called it a downside hedge with potential upside for holders. Rather than deploying investor principal directly, FT plans to channel up to $1 billion into onchain yield strategies, targeting a 4% annual return to fund growth, incentives, and token buybacks.
The project aims to be a full-stack onchain exchange with spot, derivatives, lending, a stablecoin (ftUSD), and insurance in a cross-margin system. The founder calls it a full financial rebuild, merging AMMs, order books, and money markets. It will launch on Sonic with zero fees, then expand to Ethereum, Solana, Avalanche, and BNB Chain.
From “Crypto is Dead” to $1B Token Launch
Cronje’s return with Flying Tulip contrasts sharply with his earlier statements declaring “crypto is dead” and calling for stronger regulation. In past remarks, he argued that unchecked greed had corrupted the industry and that laws governing traditional finance should extend into digital assets to protect users.
His criticism of “crypto culture”, marked by speculation, stood in contrast with his respect for what he termed the “crypto ethos.” At the time, Cronje announced his retirement from the space, shuttering more than 25 apps with ex-pair Anton Nell.
Flying Tulip’s billion-dollar debut suggests a recalibration rather than a reversal. While Andre has distanced himself from the excesses of earlier DeFi cycles, his new platform reflects increased regulatory awareness, combining investor protections with a broad onchain finance framework.
Also read: Godfather of DeFi Andre Cronje Notes ‘Crypto is Dead’
