According to a news release, venture capital firms associated with Kasikornbank and the Bank of Ayudhya, along with Ratanakorn Technology Group, GBV Capital and Varys Capital, took part in the round led by Primestreet Capital. Forward claims to be the first DeFi project to receive investment from global funds and two major Thai banks.
Forward is a DeFi platform that’s developing a protocol for decentralized derivative trading that matches long and short positions. The company said this means it doesn’t have to limit order books or rely on market makers. The fund-raise comes amid fluctuations in the Thai cryptocurrency sector. Last month, Thailand’s oldest bank, Siam Commercial Bank, abandoned a $500 million deal to acquire cryptocurrency exchange Bitkub.