Two Big Thai Banks Invested A Large Amount In This DeFi Project!

The venture capital arms of some of Thailand’s major banks, DeFi supported its platform Forward in a $5 million core funding round.

The financing round, led by Primestreet Capital, included Kasikornbank and Bank of Ayudhya, as well as venture capital firms associated with Ratanakorn Technology Group, GBV Capital and Varys Capital.

Forward claims it is the first DeFi project to receive investment from global funds and two major Thai banks.

Two Giant Thai Banks Invest in DeFi Derivatives Trading Protocol Forward

Forward is a DeFi platform that develops a protocol for decentralized futures trading that matches long and short positions. The company said this means it doesn’t have to restrict order books or rely on market makers.

Chanon Charatsuttikul, founder and CEO of Forward, said in an announcement:

“The trading volume of derivatives is about 3 times larger than the spot trading volume and is still growing.

That’s why Forward is focusing on developing a decentralized derivatives platform with a system that blocks transactions from sanctioned countries and addresses.

Fundraising process of Thailand cryptocurrency occurred in the midst of fluctuations in the industry. Last month, Thailand’s oldest bank, Siam Commercial Bank, abandoned a $500 million deal to buy cryptocurrency exchange Bitkub.

The cancellation of the purchase came about a month after the Thailand Securities and Exchange commission ordered Bitkub to review the listing process of KUB Coin on the exchange.

Cryptocurrency exchange Huobi also recently ceased operations in Thailand, citing regulatory issues.

*Not investment advice.