Forward, a Thai blockchain and digital asset firm, has raised US $5 million in a round-headed by RPVAF-1, a worldwide venture capital fund affiliated with Primestreet Capital.
Beacon Venture Capital, Kasikorn X, and Krungsri Finnovate are a few further investors.
By creating a new protocol dubbed the Automated Position Hedger, Forward, which is creating a decentralized derivative platform, hopes to address the restrictions and problems in decentralized finance (DeFi) ecosystems.
The limit on order books and the requirement for market makers will be eliminated by the new protocol, which will operate as a counterparty to match users’ long and short positions against one another. According to Forward, the lending and borrowing pools’ tokens insure against the danger of serving as a counterparty.
“We aim to develop Forward to be a one-stop service protocol, solving limitations 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.
Alongside Chanon Charatsuttikul, Rakwongwan began the Forward position. Before founding Forward, the two had previously worked for the Thai cryptocurrency exchange Satang.
