Binance Labs backs seed round of decentralized exchange

Decentralized exchange (DEX) ApolloX has raised an undisclosed sum in its seed round from investors including Binance Labs and Kronos Research.

Image credit: Timmy Loen

Other investors who participated in the round include Lingfeng Capital, SafePal, TokenPocket, 3Commas, and Lux Capital.

The fresh funds will help ApolloX expand its current offerings and build new product lines such as spot trading, predict-to-earn features, and DEX-as-a-service.

Launched in September 2021, the exchange’s ecosystem includes its in-built decentralized finance wallet and ApolloX NFTs. The company’s APX utility token, which can be obtained as a reward for trading, is used for governance on the platform. In May, ApolloX hit a cumulative trading volume of US$158.9 billion.

“Decentralized finance increasingly eats into the market share of centralized finance,” said ApolloX’s founder, who goes by the pseudonym ApolloX Captain. “Protocols are rapidly innovating in this competitive space as users demand more control, value, and accessibility.”

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In April, the platform announced its plans to transition into a decentralized autonomous organization (DAO) self-governance model via ApolloX 2.0 by burning over 5.7 billion utility tokens. The DAO will enable transparent and trustless decision-making by the community for developing the platform.