Forward has raised Fund from Kyber Ventures, aims to support a new player in DeFi ecosystem | Techsauce

Forward has raised Fund from Kyber Ventures, aims to support a new player in DeFi ecosystem

We are excited to announce that Kyber Ventures has joined the long journey with Forward with an undisclosed amount in the valuation.

Forward is 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' counter-party is completely hedged using the tokens in the lending and borrowing pools. 

According to Chanon Jaratsuttikul our CEO and Co-founder said 

“Forward is inherently designed to be one of the next levels of DeFi among the Web3 battlefield. We aim to not only deliver a sustainable DeFi platform but also bring out new financial products that everyone around the world can access in the easiest way possible. The strategic support of Kyber would help us further evolve and empower our ecosystem and we are honored and delighted to make this announcement with Kyber, one of the world’s leading DeFi Project ”

Loi luu , Founder and Chairman of Kyber Ventures said “The recent FTX bankruptcy and several centralized players' collapse proved the need for DeFi. Kyber has been working hard for crypto and public blockchains' mass adoptions for the last 5 years and we are glad to have opportunities to support early-stage crypto Dapps like Forward to achieve our vision together. 

Forward developed this new solution called Automated Position Hedger (APH) allowing the instant matching of users’ long and short perpetual future orders without the need for market makers and limit order books on a simple user interface. We believe Forward­ unique approaches would bring innovation to the current decentralized derivative space and takes us one step closer to DeFi mass adoptions.”

With their insight, experience, and great advice will help Forward in all stages since product development to go to the global market efficiently.

This is an important milestone for the Forward team. We are thrilled to be building a core component of the decentralized financial ecosystem with our strong partners and investors.

About Kyber Ventures

Kyber Ventures is the investment arm of Kyber Group, a Web3 Tech focused group with popular products including a leading KyberSwap DEX & an all-in-one non-custodial web3 wallet Krystal. Kyber Ventures, founded and run by an OG web3 builder, wanted to support the entrepreneurs to build the next giants of the decentralized world.

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