Crypto Valley Exchange (CVEX) has raised $7 million as it prepares to bring its main network live later this year.
The capital was raised in pre-seed and seed rounds, co-led by Fabric Ventures and Kyber Capital Crypto Fund, with contributions from AMDAX, Wave Digital, Funfair Ventures, Seier Capital Family Office, Five T Group and Saxon, the company said Tuesday. in a statement. The money will go towards launching the decentralized exchange’s (DEX) mainnet this summer.
“As we finalize CVEX, it’s becoming clear to us that this is more than just incremental innovation; we are here to transform the way derivatives are traded,” CVEX Chief Product Officer James Davies said in a statement on Tuesday.
CVEX is a DEX that aims to offer transparent and low-cost futures and options-oriented trading to crypto holders, using specialized bid-ask dynamics to undercut competing trading offers. For example, the platform has no financing fees for leveraged futures trading, the founders said.
DEX’s mainnet, which features enhanced trading features, will launch on Arbitrum, with support for user wallets in Ethereum, Optimism, BASE and Solana. Collateral deposits on CVEX are denominated in Circle’s USD Coin (USDC).
About the author
Elizabeth Napolitano is a data reporter who reports business and technology news, with a focus on cryptocurrencies. Before joining The Block, Elizabeth reported on BigTech, AI, crypto and video games for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs and US courts. She has an MA in journalism from CUNY. Follow her on X: @LizKNapolitano
