A $5 million seed round of funding is raised by DeFi Platform Forward

    Kasikornbank and Bank of Ayudhya, two of the major financial institutions in Thailand, have provided Forward, a platform for decentralised finance (DeFi), with a seed capital investment of $5 million via their respective venture capital platforms.

    Other significant businesses, such as Primestreet Capital, GBV-Genesis Block Ventures Capital, Varys Capital, and Ratanakorn Asset Co., Ltd., Thailand’s biggest real estate firm, took part in the fundraising event. These businesses are mostly concerned with the blockchain technology as well as investments in digital assets.

    In a statement, a Forward official claimed that the initiative would revolutionise the global financial industry by creating new financial products, investing in new financial services, and establishing a decentralised derivative exchange and DeFi-focused services.

    Forward is a blockchain and investing services provider located in Thailand. The company is also a fintech business. It has a decentralised platform for derivatives and trading, as well as an automated position hedger protocol, which enables it to provide services such as crypto lending, borrowing, derivative trading, and other financial services.

    DeFi Forward Considering the Future

    Increasing participation in decentralised exchanges (DeFi) need to be a top priority for the blockchain industry, especially in Asia. Encouragement and facilitation of new ventures are constant need for innovation and company formation in this sector. The growth of DeFi is contingent upon the existence of a trustworthy digital currency. It has been said that Tether currency is one of the stablecoins that fuel DeFi initiatives. [Citation needed]

    In addition, Forward Labs has worked together with the NFT artist LUNGtiger to advance both their knowledge of blockchain technology and the creative opportunities available to students in the College of Arts, Media, and Technology at Chiang Mai University. This is being done in order to promote the former’s awareness of the latter.

    Any service that is offered by traditional banks and other types of financial institutions should be accessible via DeFi. In its most basic form, Defi is the process of mapping conventional financial services onto blockchain-based financial services. This mapping process results in the creation of new services or derivatives that are based on the unique properties of blockchain.

    With this money, Forward will be in a better position to play a crucial role in the developing ecosystem of decentralised finance. The capital round is being used by the protocol in the hopes that it can improve its company, hire more people, and expand into critical locations.

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