Forward (Forward) Fintech-startup global, Thai nationality, blockchain and financial innovation in decentralized finance (DeFi), has successfully closed a seed round of 160 million baht or USD 5 million. After only 6 months to raise funds amid the volatility of the cryptocurrency and capital markets
The investment in this round was led by RPVAF-1 fund managed by Primestreet Capital, Beacon Venture Capital from KASIKORNBANK, Krungsri Finnovate from Bank of Ayudhya and KASIKORN X, an additional venture from Ratanakorn Technology Group, GBV Capital. , and Varys Capital, who previously confirmed their investment.
Mr. Chanon Jaratsuthikul Co-Founder and Chief Executive Officer Forward It was revealed that Forward is the world’s first Global Decentralized Finance project that has received investment from both global funds and funding under two major Thai banks. I believe that Thailand still has hopes to become a leader. In Innovation & Technology, we still have many adults who are ready to support the new generation. I see the closing of this Seed Round as a starting point that adds to the challenge for the Forward team to develop the organization and inject every talent. To make Thailand become a country of innovation equivalent to western countries.
“Trading volume Cryptocurrency of the world’s number one exchange like Binance, most of them come from the Derivative side, which is at least 3 times more than Spot. mainly foreign market without keeping customer assets with the company (Non-Custodial Platform) There is a system forbidding Sanction addresses and Sanction Country to transact in the platform. We have a research team that comes together to design. Grind ideas and create a new protocol that has never been done before called the Automated Position Hedger (APH) Protocol. “We take into account the legal requirements. accounting accuracy and the safety of investors’ assets is the main priority,” Chanon added.
Asst. Prof. Dr. Udomsak Rakwongwan Co-Founder and Consultant added that “We aim to develop Forward To be the ‘One Stop Service’ that solves the Pain Points of the world. DeFi is a platform where users can earn sustainable, accessible, and secure returns. That is, high returns of users must have a clear origin. From the low-risk platform business model Can be used for a long time, has an interface that is easy to understand, easy to use, reduces the wall of the blockchain world for new users. And must pass Technical Audits on every line of the Smart Contract across the platform. from more than 2 trusted auditors.”
Mr. Supawat Cholavanich co-founder and Partner of PrimeStreet Capital, who is the lead investor in this round, said: “We already have financial expertise and interest in blockchain technology. We attach great importance to the safety and sustainability of the protocol, especially in the volatility of digital assets. Our team went deep into the tightness of all operating logic and evaluated enhanced features to discover the platform. that can increase the potential and choice of the DeFi market, which Forward Well done, I believe it will be a DeFi platform that can easily overcome the volatility and grow in the digital asset world.”
About Forward
Forward is a fintech startup dealing with digital assets and blockchain. formed by merger of a team of blockchain technology developers and technology researchers who used to be one of the team developing cryptocurrency trading board business famous of Thailand under the supervision of the SEC
Forward is currently researching and developing a decentralized digital asset derivatives trading system. (Decentralized Derivative Exchange) and a decentralized digital asset financial service system. (Decentralized Finance) consists of Borrowing and Lending under a newly invented Protocol called Automated Position Hedger (APH) Protocol.
About Primestreet Capital
Primestreet Capital is a global fund manager of Thai nationality. It currently oversees the real estate PE fund, growth PE fund, and global VC fund totaling over 5 billion baht. RPVAF-1, a global VC fund under Primestreet Capital, has invested in several impact technology companies. around the world