Thai banking giants invest $5 million in Forward, a DeFi startup

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Last Updated on September 12, 2022 by Bitfinsider

In a $5 million seed funding round, the venture capital arms of some of Thailand’s largest banks backed DeFi platform Forward.

According to 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.

Forward is a DeFi platform that is working on a protocol for decentralized derivative trading that connects long and short positions. According to the company, this means it no longer needs to limit order books or rely on market makers.

“The trading volume of derivative products is approximately three times greater than the trading volume of spot products, and it is still growing,” Forward founder and CEO Chanon Charatsuttikul said in the announcement. “As a result, Forward is focusing on developing a non-custodial decentralized derivative platform with a system that prohibits transactions from sanctioned countries and addresses.”

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