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Derivatives Trading Protocol ZKX announced Thursday that it had raised $4.5 million in seed funding from investors including StarkWare, Alameda Research and Huobi.
According to the report, Amber Group and Crypto.com also joined the round. So have individual investors such as Sandeep Nailwal, co-founder of Polygon, and Ashwin Ramachandran, ceo of DragonFly Capital.
ZKX, founded in 2021, is a derivative protocol built on StarkNet and maintained by a decentralized autonomous organization (DAO). The protocol aims to improve the trading experience through gamification and a unique management structure.
The latest round of funding will be used to further develop ZKX’s core offerings, including its open source protocol, DAO funding, and the growth of its ecosystem.
Eduard Giubani, one of its founders, said the company is determined to create an exchange that will break down barriers to the use of decentralized finance (DeFi). He went on to say:
“We do this by creating a protocol that allows you to trade asset derivatives on StarkNet. Our goal is to expand ZKX’s reach in emerging markets by combining robust technology with a user-friendly interface and ecosystem that allows users to have fair representation in the DAO.”
StarkNet is part of StarkWare, a company that develops solutions to scale Ethereum using Starks technology. Recently, StarkWare announced the launch of a token that will be launched later this year. The firm is based in Israel and raised more than $262 million, and the latest round of Series D raised $100 million at a valuation of $8 billion.
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