Despite severe economic uncertainty and high volatility in the digital asset landscape, Forward has closed its $5 million seed round within just six months of fundraising.
Forward is a Thai digital asset and blockchain startup focusing on protocol development for decentralized derivative exchange and decentralized finance platform. It was founded by a group of developers and tech researchers.
The round was led by RPVAF-1, a global venture capital fund under Primestreet Capital.
Venture capital arms under two Thai banks, Kasikornbank and Bank of Ayudhya, also participated in the funding round to support the innovation of DeFi.
Ratanakorn Technology Group, GBV Capital and Varys Capital confirmed their investments earlier in this round.
Chanon Charatsuttikul, Co-founder and CEO of Forward, said Forward is the world's first DeFi project to receive investments from global funds and two major Thai banks.
"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," Chanon added.
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