News

Thai Bank Behemoths Invest $5 Million In The DeFi Startup Forward

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

Bank Behemoths Invest $5 Million In The DeFi Startup Forward

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

13 minutes ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

2 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

2 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

2 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

3 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

4 hours ago

This website uses cookies.