The Thai-based fintech Forward has received investment from the southeast Asian cryptocurrency platform Zipmex as part of a series of investments aimed at promoting and supporting blockchain projects and entrepreneurs.
Zipmex has invested in Forward, a Thai-based decentralised finance platform situated on the EVM chain that offers a decentralised derivative exchange, lending and borrowing pools and NFT for trading through its services. The deal is set to increase the operational potential for Zipmex.
The investment was made by Zipmex Labs, which is the business unit of the wider Zipmex Group, and forms another piece of the puzzle in the platform’s recent advocation of blockchain-based projects and entrepreneurs, with Zipmex Labs having previously invested in projects like Tokenplace and Yieldly.
“This investment reinforces our industry leadership. We’re continuously aiding growth in the digital asset industry to help realise our innovative potential for Zipmex,” comments Marcus Lim, Zipmex Group CEO and co-founder.
“That’s why we’re delighted to be part of laying a solid foundation and helping to speed up developments in decentralised finance, with the best benefits for our users being the ultimate end goal.”
Forward, which is currently valued at 1.6billion baht ($50million), has previously raised more than 160million baht ($5million) in seed rounds and in pre-series A funding from giant investment firm Genesis Block Ventures Capital and the global blockchain VC firm Varys Capital. Thai VC companies Primestreet Capital and Ratanakorn Asset Co. Ltd., Thailand’s largest real estate company, were also funders.
Chanon Jaratsuttikul, CEO and co-founder of Forward Holdings, said: “Every day, the derivatives digital asset market is gaining momentum in driving the global economy. It’s an excellent tool for hedging and maintaining investor wealth. This investment extends our global network of alliances and brings us a step closer to becoming a leading Thai tech company.”