ZKX, Dubai-based DeFi platform, raised $4.5 million in seed funding round from StarkWare, Alameda Research, Amber Group, Huobi and Crypto.com. The decentralised finance platform helps make faster transactions and keeps gas fees low, and is built on StarkNet.
“The downturn is driven by the Federal Reserve tightening interest rates and driving de-risking across asset classes. Alameda, Crypto.com, and our other partners have been actively fostering and building the Web3 ecosystem for years. This should only strengthen the ecosystem in the long run by cleaning up the bad apples and focusing on the strongest players,” said Eduard Jubany Tur, Founder at ZKX.
The startup will use the funds to further develop its open-source protocol, DAO funding and growth of the ZXK ecosystem.
The platform aims to address some of the key challenges of the DeFi market, such as over-reliance on centralized entities, scalability, high gas fees for traders and painful user experience.
Read more: UAE’s Omooma raises $2.5m in a funding round
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