VCs under the top 2 banks in Thailand invest in Forward DeFi

PRNewswire September 12, 2022

Latest: Venture capital arms under 2 leading Thai banks, Kasikornbank PCL (SET: KBANK) and Bank of Ayudhya PCL (SET: BAY) participate in the funding round to support the innovation of Decentralized Finance (DeFi).

BANGKOK, Sept. 12, 2022 /PRNewswire/ — Forward, a Thai digital asset and blockchain startup focusing on protocol development for decentralized derivative exchange and DeFi platform,┬áhas successfully closed its USD┬á5 million seed round┬áwithin┬ájust┬á6 months of┬áfundraising,┬ádespite┬ásevere economic uncertainty and high volatility in┬áthe digital asset landscape.

VCs under the top 2 banks in Thailand invest in Forward DeFi
Latest: Venture capital arms under 2 leading Thai banks, Kasikornbank PCL (SET: KBANK) and Bank of Ayudhya PCL (SET: BAY) participate in the funding round to support the innovation of Decentralized Finance (DeFi).

The round was led by RPVAF-1, a global VC fund under Primestreet Capital, with participation from

  • Beacon Venture Capital from Kasikornbank;
  • KASIKORN X from Kasikornbank;
  • Krungsri Finnovate from Bank of Ayudhya, a member of the Mitsubishi UFJ Financial Group (MUFG); and together with Ratanakorn Technology Group, GBV Capital and Varys Capital who have confirmed their investments earlier in this round.

Chanon Charatsuttikul, Co-founder and CEO of Forward, revealed that Forward is the world’s first DeFi project to receive investments from global funds and two major Thai banks. “I believe that there is hope for Thailand to become a center of innovation and technology. We have investors who are ready to support new talents. The closing of this seed round, for me, is the beginning of a big challenge for┬áthe team to maximize our potential and grow┬áthe organization, and help make Thailand┬ástand out as a country of innovation, just like western countries.

“The majority of┬átrading volume occurs at Binance, the world’s largest crypto exchange,┬áand it mainly comes from derivative products. The trading volume of derivative products is approximately 3 times┬álarger than the spot volume and it is still growing. Thus, Forward is focusing on developing a decentralized derivative platform, which is non-custodial with a system that prohibits transactions from sanctioned countries and addresses. ┬áWe have a strong team backed by PhDs┬áworking day and night to develop a newly┬áinvented protocol,┬ácalled the Automated Position Hedger (APH),┬áwhich is unlike anything seen before. In addition,┬áwe always┬átake it very seriously in terms of legal issues,┬áaccounting standards, and the safety of the investors’ assets,” Chanon added.

Asst. Prof. Dr.┬áUdomsak Rakwongwan, Co-founder and Advisor, added that “We aim to develop Forward to be a ‘One Stop Service’ protocol, solving limitation and pain points in DeFi┬áeconomy. It will be a┬ásecure and easy-to-use platform where users can earn sustainable┬áinvestment returns. This means that the return generated to investors is a result of a solid and sustainable business model that was carefully designed for long-term operation. Our user-friendly interface will reduce the┬ábarrier to┬áonboard new users to the blockchain space. For every single line of our coding, smart contract technical auditing is required and it will be performed by at least 2 trusted auditors.”

Supavat Nam Cholvanich, Co-founder and Partner of PrimeStreet Capital, the lead investor of this round, said: “With our finance background, we have a good interest in financial-related┬áblockchain technology. Digital asset is a high volatility landscape, and we highly┬áemphasize the importance of┬ásafety and sustainability of the protocol. Our team focus deeply on the tightness of all operating logic and, at the same time, look for a platform with meaningful┬áenhanced features that has the potential to stand┬áout and elevate DeFi ecosystem. We believe Forward is well set up and its DeFi platform should easily navigate through market volatility and grow sustainably in the digital asset world.”┬á

About Forward

Forward is a digital asset and blockchain startup, founded by a group of developers and tech researchers. The founders’ prior success was the launch of a well-known regulated crypto exchange in Thailand.┬áForward is currently developing a┬ánewly invented protocol for decentralized derivative trading, where short and long positions are matched against each other using an advanced protocol named Automated Position Hedger (APH). Forward DDEX acts as a counterparty to instantly match users’ long and short perpetual Futures orders. As a result, Forward does not have limit order books and does not require market makers. The risk of the platform acting as a users’ counter-party is completely hedged using the tokens in the lending and borrowing pools.┬á

About Primestreet Capital

Primestreet Capital is a Southeast Asia-based global fund management company with a current AUM of USD150 million. The firm manages three flagship funds, including real estate PE, growth PE, and global VC. The RPVAF-1, its global VC fund, has invested in several impact technology companies around the globe.


SOURCE Forward

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