Thailand-Based Banking Institutions Support DeFi Venture Forward in a Seed Round of $5M

The venture capital-base sub-branches of “Forward” (a DeFi venue based in Thailand) have been supported by a few of the largest banks within the country. As per a news release, the venture capital companies linked to Kasikornbank as well as the Bank of Ayudhya in addition to Varys Capital, GBV Capital, and the Ratanakorn Technology Group, participated in a round led on the behalf of Primestreet Capital.

DeFi Venture Named Forward to Be Backed by Thai Banking Organizations

As per the assertions of “Forward,” the firm considers itself to be the earliest DeFi-based project having gotten the investment from worldwide funds as well as a couple of banks within Thailand. Forward is known as a DeFi venue engaged with constructing a protocol dealing with decentralized derivative trading compatible with short and long positions. The firm stated that this indicates its broadness in the case of the order books or it does not depend on market makers.

Chanon Charatsuttikul, the CEO and founder of “Forward,” mentioned that the derivative products’ trading volume is nearly three times bigger as compared with the spot volume. He added in the declaration that this figure is continuously witnessing growth. Hence, he considers Forward to be keen on establishing a decentralized venue for derivatives.

As per him, the respective entity would be non-custodial and possess a system banning the transfers from the addresses and countries on which sanctions have been implemented. The fundraising is witnessed in the uncertainties being witnessed within the crypto space of Thailand. In the previous month, Siam Commercial Bank – the oldest bank in Thailand – terminated a contract of up to $50M to acquire Bitkub (a cryptocurrency exchange platform).

The termination of the acquisition contract was witnessed approximately a month following the order issued by the Securities and Exchange Commission of Thailand for Bitkub. In the respective order, the regulator directed the crypto exchange to review its listing procedure for KUB (the native token of the platform). Recently, Huobi – another exchange of cryptocurrency – additionally closed the activities thereof within the jurisdiction of Thailand, while referring to the problems related to the regulations.

Police Complaint Filed by Thai SEC against Zipmex

In another recent incident, a police complaint has been filed on the behalf of the Thailand-based SEC against Zipmex (a crypto exchange) and Aalarp Yimwilai (the co-founder of the firm as well as the CEO of the Thai branch thereof) for non-compliance. A declaration was made by the regulator instructing the company to provide the details regarding the transactions or withdrawals of the digital assets.

Despite this, Akalarp and the exchange were not successful in meeting the deadline, which paved the way for the stringent actions that were taken by the regulatory agency. Zipmex issued a statement while it was in the process of responding, in which it voiced that it was currently going through the procedure of collecting the significant documents dealing with both Zipmex Pte. Ltd. (the institution that is outside of the Thai regulator’s jurisdiction) and the primary Zipmex exchange.