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
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 Eduard
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
- Delhi to Kochi - Indian destinations international travellers are looking for in 2023
- Post pandemic, more organizations are moving towards e-recruitment, says a survey by HirePro
- Sensex, Nifty decline for 2nd day on selling in FMCG, steel stocks
- Foreign investors continue to pull out of Indian stocks, sell equities worth ₹3,431 crore in Feb so far
- Bharti Airtel Q3 net profit jumps 91% to ₹1,588 crore, misses estimates