In a $5 million seed fundraising round, the venture capital divisions of some of Thailand’s largest banks supported the DeFi platform Forward.
In the round managed by Primestreet Capital, Ratanakorn Technology Group, GBV Capital, and Varys Capital joined venture capital firms affiliated with Kasikornbank and the Bank of Ayudhya. According to Forward, the first DeFi project to get funding from international sources and two significant Thai banks.
Forward is a DeFi platform that’s developing a protocol for decentralized derivative trading that matches long and short positions. The company said this means it doesn’t have to limit order books or rely on market makers.
“The trading volume of derivative products is approximately 3 times larger than the spot volume and it is still growing,” said Forward founder and CEO Chanon Charatsuttikul in the announcement.
“Thus, Forward is focusing on developing a decentralized derivative platform, which is non-custodial with a system that prohibits transactions from sanctioned countries and addresses.”
The fund-raise takes place when the Thai crypto market experiences swings
Siam Commercial Bank, the oldest bank in Thailand, gave up on a $500 million agreement to buy cryptocurrency exchange Bitkub last month.
A month after Bitkub was compelled to evaluate the procedure for listing its KUB coin on the exchange by the Thai Securities and Exchange Commission, the transaction was canceled.
Huobi, a cryptocurrency exchange, recently stopped operating in Thailand due to regulatory concerns.
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