Derivatives trading protocol ZKX announced on Thursday that it has raised $4.5 million in seed funding from investors including StarkWare, Alameda Research and Huobi.
Amber Group and Crypto.com also joined the round, according to a release. So did individual investors such as Sandeep Nailwal, co-founder of Polygon, and Ashwin Ramachandran, general partner at DragonFly Capital.
Founded in 2021, ZKX is a derivatives protocol built on StarkNet and powered by a decentralized autonomous organization (DAO). The protocol aims to provide an improved trading experience through gamification and its unique governance structure.
The latest round of funding will be used to further develop ZKX’s main offerings, including its open-source protocol, DAO funding and the growth of its ecosystem.
Eduard Jubany, one of its founders, said the company is determined to build an exchange that breaks down the barriers to using decentralized finance (DeFi). He went on to say, “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.”
StarkNet is part of StarkWare, a company which develops scaling solutions for Ethereum using a technology called Starks. StarkWare recently announced the launch of a token that will launch later this year. The firm is based in Israel and has raised over $262 million, with its most recent Series D round raising $100 million at a valuation of $8 billion.
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