Bobos & Wojaks

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Thai Banking Titans Gave $5 Million To A DeFi Startup In A Seed Round

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As per a press release, the round was led by Primestreet Capital and included venture capital firms affiliated with Kasikornbank and the Bank of Ayudhya, as well as Ratanakorn Technology Group, GBV Capital, and Varys Capital. Forward claims to be the first DeFi project to receive funding from global investors as well as two major Thai banks.

A protocol for decentralized derivative trading that matches long and short positions is being developed by Forward, a DeFi platform. This, according to the business, eliminates the need to restrict 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.”

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The fund-raiser takes place when the Thai cryptocurrency market experiences swing. Siam Commercial Bank, the oldest bank in Thailand, gave up on a $500 million agreement to buy cryptocurrency exchange Bitkub last month.

The deal was cancelled approximately a month after the Thai Securities and Exchange Commission ordered Bitkub to evaluate the process of putting its KUB currency on the exchange.