Some of Thailand’s biggest banks have backed DeFi platform Forward in a $5 million seed funding round.
Primestreet Capital led the financing round, supported by the venture capital arms of Kasikornbank and Bank of Ayudhya banks, while Ratanakorn Technology Group, GBV Capital and Varys Capital were among the participants.
Investment Round Support from Thai Banks to Forward
The venture capital arms of Kasikornbank and Bank of Ayudhya, one of Thailand’s largest banks, backed DeFi platform Forward in a $5 million seed financing round.
According to the news in The Block, venture capital firms affiliated with Kasikornbank and Bank of Ayudhya, Ratanakorn Technology Group, GBV Capital and Varys Capital have joined the investment round led by Primestreet Capital. In addition, it is stated that Forward, which obtained a capital opportunity of 5 million dollars, is the first DeFi project to receive investment from global funds and two large Thai banks.
DeFi platform Forward, which provides services for decentralized derivatives trading, said it does not have to limit order books or rely on market makers.
Chanon Charatsuttikul, founder and CEO of Forward, said in a statement:
“The trading volume of derivatives is about 3 times larger than the spot volume and is still growing. As such, Forward is focusing on developing a decentralized derivatives platform that is non-custodial with a system that prohibits transactions from sanctioned countries and addresses.”
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