CyberX has secured $15 million in Series A funding from Foresight Ventures to expand operations across Asia and North America.
CyberX looks to scale its trading infrastructure
Crypto venture capital firm Foresight Ventures has invested $15 million CyberX, a web3 project that claims to offer users cutting-edge services across trading, financing, and more, to support the company in expanding its infrastructure, liquidity network, and operations across North America and Asia.
According to reports, in addition to fueling CyberX’s expansion push, the funding will enable the project to carry out more integrations with centralized and decentralized exchanges and DeFi platforms.
CyberX CEO Hao Wang expressed his delight over the success of the funding round, stating that the blockchain sector will disrupt the traditional finance sector in the near future.
“We aim to connect assets efficiently and transparently with our proprietary technology to provide liquidity across trading venues, DeFi protocols, and [non-fungible token] marketplaces.”Hao Wang, CyberX CEO.
CyberX’s team members are former Wall Street professionals with years of trading experience at financial giants like Goldman Sachs, Morgan Stanley, UBS, BlackRock, Citadel, and AQR.
Speaking on the new development, Forest Bai, CEO of Forest Ventures, stressed the importance of infusing more liquidity in the crypto industry which has had its fair share of liquidity crises since the start of the crypto winter.
Bai also discussed CyberX’s prospect in the blockchain sector, stating that due to its “advanced technology and experienced team,” the project will ultimately become a significant player in the industry.
CyberX has been building its crypto liquidity network for some time now; the platform currently has a $400 million daily trading volume with more than 5,000 tokens and over 1,000 trading pairs.
The funding comes as a step in the right direction for the company, given how the FTX crisis has caused a market-wide contagion that has significantly affected market makers and liquidity providers.