Dubai-based DeFi platform raises $4.5 million in seed funding
- Dubai decentralized finance
platform ZKXhas raised $4.5 million seed funding amidst a crashing crypto market.
- Investors include
StarkWare, Alameda Research, Amber Group, Huobi and Crypto.com.
- The platform specializes in faster transactions on blockchain with minimal gas fees.
The decentralized finance platform helps make faster transactions and keeps gas fees low, and is built on StarkNet. These funds were raised in spite of a cryptocrash in particular and funding winter in general.
“The downturn is driven by the Federal Reserve tightening interest rates and driving de-risking across asset classes. Alameda, Crypto.com, and our other partners have been actively fostering and building the Web3 ecosystem for years. This should only strengthen the ecosystem in the long run by cleaning up the bad apples and focusing on the strongest players,” said Eduard
The funding will go towards further development of its open-source protocol, DAO funding and growth of the ZXK ecosystem.
ZKX was founded in 2021 by
It had earlier received investment from Sandeep Nailwal, co-Founder, Polygon, and
AdvertisementThe platform aims to address some of the key challenges of the DeFi market, such as over-reliance on centralized entities, scalability, high gas fees for traders and painful user experience.
“We are determined to build an exchange that breaks down the barriers to using DeFi by building a protocol that enables trading derivatives of assets on StarkNet. Our goal is to expand our reach across emerging markets, enabling users to have fair representation within a DAO,” said Jubany.
Popular on BI
- I've had the new iPhone 14 for 2 weeks. I should've listened to Steve Jobs' daughter because I now regret buying it.
- China tells state banks to prepare for a massive dollar dump and yuan buying spree as Beijing's prior interventions have failed to stem its currency's worst year since 1994
- Airtel 5G launched in eight cities, entire country to be covered by 2024
- Essential food item prices spiked in the last one year
- SC to hear SEBI's review petition against RIL on Oct 12
- OPINION: Can trust-based philanthropy become the mainstream?
- PM Modi on India’s 5G launch – here are the key points from the speech
- PM Modi inaugurates India Mobile Congress, experiences 5G devices being showcased