ZKX, An upcoming permissionless protocol for derivatives, has raised $4.5m in seed funding round, solve current challenges in the DeFi market and accelerating the growth of ZKX.
ZKX raised $4.5m in Seed Round, with participation from investors including StarkWare, Alameda Research, Amber Group, Huobi, Crypto.com, Hashkey Capital, Orange DAO, Angel DAO, Dweb3, Caballeros Capital, Cluster Capital, and Gate.io.
In addition, notable individual investors, including Sandeep Nailwal, Co-Founder, Polygon, and Ashwin Ramachandran, General Partner, DragonFly Capital, also participated in the round.
ZKX, the first permissionless derivatives trading protocol built on StarkNet, StarkWare’s L2 network that leverages ZK rollups!
Uri Koldony, Co-Founder and CEO of StarkWare, shared his views on ZKX:
“Our ongoing collaboration with ZKX has been a successful one, and we have developed a fruitful relationship. They have been pioneers of the StarkNet ecosystem, building, educating, and providing invaluable feedback to developers everywhere.”
To add to the announcement, Eduard Jubany, Founder at ZKX, also shared his views:
“We are determine to build an exchange that breaks down the barriers to using DeFi. And we’re doing that by building a protocol that enables trading derivatives of assets on StarkNet. Our goal is to expand the reach of ZKX across emerging markets, combining sound technology with a friendly user experience, and an ecosystem that enables users to have fair representation within a DAO. We are grateful to have the support of our investors, who understand and believe in our vision. This milestone is just the beginning of a breakthrough year for ZKX and our partners. We’re creating new fundamentals for ZKX and the DeFi community, raising the bar for everyone.”
About the Raised Capital
The funding will go towards further development of ZKX’s core offerings, the ZKX open-source protocol, DAO funding, and the continued growth of the ZXK ecosystem.
Their team is creating new frameworks to solve critical challenges in the DeFi market. Including over-reliance on oracles, difficulty in bootstrapping liquidity for new derivatives, and centralized listing mechanisms.
ZKX is a permissionless protocol for derivatives built on StarkNet, with a decentralized order book and a unique way to offer complex financial instruments as swaps. The protocol is powered by a DAO. And they will provide an elevated trading experience with gamified leaderboards and unique liquid governance. ZKX’s mission is to democratize access to global yields through its offerings to anyone, anywhere.