Xavier Kong · · 1 min readKasikorn X backs Thai blockchain firm’s $5m seed round
Thai digital asset and blockchain startup Forward has secured US$5 million in seed money in a round led by RPVAF-1, a global venture capital fund under Primestreet Capital.
Other investors include Beacon Venture Capital, Kasikorn X, and Krungsri Finnovate, among others.
Forward co-founders Chanon Charatsuttikul (left) and Udomsak Rakwongwan / Photo credit: Forward
Forward, which is developing a decentralized derivative platform, aims to solve the limitations and pain points in decentralized finance (DeFi) economies by developing a new protocol called the Automated Position Hedger.
The new protocol will act as a counterparty to match users’ long and short positions against each other, removing the limit on order books and the need for market makers. Tokens in the lending and borrowing pools hedge the risk of acting as a counterparty, Forward noted.
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“We aim to develop Forward to be a one-stop service protocol, solving limitation and pain points in the DeFi economy. It will be a secure and easy-to-use platform where users can earn sustainable investment returns,” said Forward co-founder Udomsak Rakwongwan.
Rakwongwan started Forward alongside Chanon Charatsuttikul. The two had worked for Thai digital assets exchange Satang before starting Forward.
Editing by Miguel Cordon and Jaclyn Tiu
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