cryptocurrency

Thailand-based DeFi platform raises $5 million in seed funding

  • Kasikornbank and Bank of Ayudhya, two of the largest banks in Thailand, are backing Forward.
  • Forward has partnered with NFT artist LUNGtiger to better understand blockchain technology.

Forward, a Thailand-based decentralized finance (DeFi) firm, has received $5 million in seed funding from venture capital platforms. It is backed by Kasikornbank and Bank of Ayudhya, two of the largest banks in Thailand.

Primestreet Capital, GBV-Genesis Block Ventures Capital, Varys Capital, Ratanakorn Asset Co., Ltd. , the largest real estate company in Thailand, is among other financiers that participated in the campaign. These stock investments in blockchain technology and investments in digital assets.

According to a statement from straight aheadThe initiative will transform the financial industry by creating financial products, investing in financial services, creating a decentralized derivatives market, and offering DeFi-focused services.

Also, Forward is an investment and blockchain services company with a Thai base. It offers services such as derivatives trading, crypto loans, borrowing, and services through a decentralized derivatives firm with automated position hedging protocol.

DeFi Forward Strategies for the Future

The blockchain sector should prioritize increasing the use of DeFi, specifically in Asia. In this field, innovation and new companies require constant encouragement and empowerment. Only a trusted digital currency will allow DeFi to exist. Tether is one of the stablecoins that supports DeFi projects.

Forward Labs has also teamed up with NFT artist LUNGtiger to further their understanding of blockchain technology. And to give opportunities to NFT business by freshmen at Chiang Mai University College of Arts, Media and Technology.

Any service offered by traditional financial institutions must be available through DeFi. In essence, Defi is the mapping of traditional financial services into blockchain-based financial services, leading to new services or derivatives based on the unique qualities of the blockchain.

In parallel, Forward will be in a position to play an important role in the evolving DeFi ecosystem as a result of the funding. Using the financing, the company wants to expand its business, hire more employees, and expand into key locations.

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