ZKX, a Dubai, United Arab Emirates-based permissionless derivatives trading protocol built on StarkNet, StarkWare’s L2 network that leverages ZK rollups, raised $4.5m in seed funding.
Backers included StarkWare, Alameda Research, Amber Group, Huobi, Crypto.com, individual investors including Sandeep Nailwal, Co-Founder of Polygon, and Ashwin Ramachandran, General Partner at DragonFly Capital.
The company intends to use the funds for further development of its core offerings, the ZKX open-source protocol, DAO funding and continued growth of the ZXK ecosystem.
The ZKX protocol 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. The ZKX mainnet is anticipated to go live in Q4 followed by the launch of its first product – an exchange that will enable trading of crypto derivatives on StarkNet with built-in rewards mechanisms, liquidity provisioning, and complex trading strategies.
ZKX, which was founded in 2021 by Eduard Jubany Tur, Naman Sehgal, and Vitaly Yakovlev, has also received investment from Hashkey Capital, Orange DAO, Angel DAO, Dweb3, Caballeros Capital, Cluster Capital, and Gate.io.
FinSMEs
15/07/2022