We are thrilled to announce that we have raised $5 million in seed funding round led by RPVAF-1, a global VC fund under PrimeStreet Capital, with participation from Beacon Venture Capital from Kasikornbank, KASIKORN X from Kasikornbank, Krungsri Finnovate from Bank of Ayudhya, a member of the Mitsubishi UFJ Financial Group (MUFG) and also together with Ratanakorn Technology Group, GBV Capital, Varys Capital and Zipmex who have confirmed their investments earlier in this round.
Chanon Charatsuttikul, Co-founder and CEO, said
“I believe that there is hope for Thailand to become a center of innovation and technology. We have investors who are ready to support new talents. The closing of this seed round, for me, is the beginning of a big challenge for the team to maximize our potential and grow the organization and help make Thailand stand out as a country of innovation, just like western countries.
The majority of trading volume occurs at Binance, the world’s largest crypto exchange, and it mainly comes from derivative products. The trading volume of derivative products is approximately 3 times larger than the spot volume and it is still growing. 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. We have a strong team backed by PhDs working day and night to develop a newly invented protocol, called the Automated Position Hedger (APH), which is unlike anything seen before. In addition, we always take it very seriously in terms of legal issues, accounting standards, and the safety of the investors’ assets.”
Asst. Prof. Udomsak Rakwongwan Ph.D, Co-founder and Advisor, said
“We aim to develop Forward to be a ‘One Stop Service’ protocol, solving limitations and pain points in DeFi economy. It will be a secure and easy-to-use platform where users can earn sustainable investment returns. This means that the return generated to investors is a result of a solid and sustainable business model that was carefully designed for long-term operation.”
Supavat Nam Cholvanich, Co-founder and Partner of PrimeStreet Capital, the lead investor of this round, said
“With our financial background, we have a good interest in financial-related blockchain technology. Digital asset is a high volatility landscape, and we highly emphasize the importance of safety and sustainability of the protocol. We believe Forward is well set up and its DeFi platform should easily navigate through market volatility and grow sustainably in the digital asset world.”
About Forward
Forward is a digital asset and blockchain startup, founded by a group of developers and tech researchers. The founders’ prior success was the launch of a well-known regulated crypto exchange in Thailand. Forward is currently developing a newly invented protocol for decentralized derivative trading, where short and long positions are matched against each other using an advanced protocol named Automated Position Hedger (APH). Forward DDEX acts as a counterparty to instantly match users’ long and short perpetual Futures orders. As a result, Forward does not have limit order books and does not require market makers. The risk of the platform acting as a users’ counterparty is completely hedged using the tokens in the lending and borrowing pools.
About PrimeStreet Capital
PrimeStreet Capital is a Southeast Asia-based global fund management company with a current AUM of $150 million. The firm manages three flagship funds, including real estate PE, growth PE, and global VC. The RPVAF-1, its global VC fund, has invested in several impact technology companies around the globe.
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