ZKEX, the first multi-chain decentralized exchange on the blockchain, announced today that it has successfully raised $2.5 million in seed funding. Fenbushi Capital, KXVC, and RockTree Capital are among the institutions that have invested in this funding round. The funds raised will be used to support ZKEX in achieving its roadmap, which includes launching features such as fiat currency purchase of cryptocurrencies, a mobile app, and a Telegram bot in the next quarter.
ZKEX provides users with the functionality of a centralized exchange (CEX), including multi-chain swapping, spot trading, derivative trading, and cross-chain bridging. Unlike traditional CEXs, ZKEX allows users to trade cryptocurrencies directly from their self-custodied wallets without transferring token control to the exchange.
ZKEX utilizes zero-knowledge technology to create a secure and unified trading layer, solving the problem of liquidity fragmentation between different blockchains. It is the industry’s first decentralized exchange to address this decentralized trading dilemma.
This funding round attracted participation from institutions such as Fenbushi Capital, KXVC, RockTree Capital, NGC Ventures, L2 Iterative Ventures, Crypto.com Capital, IDG Blockchain, Whale Ground, Moonhill Capital, Blocklabs Capital, Optic Capital, Hyperithm Group, and G20 Group.
Over the past 12 months, decentralized exchanges have experienced significant growth, with monthly trading volumes increasing from around $100 billion to over $250 billion in early 2024. The number of active user wallets has also increased from 3 million to over 4 million, and zero-knowledge projects have raised over $400 million in funding.
Balal Khan, Co-founder of ZKEX, stated:
“However, security remains a critical issue in the blockchain industry. Over the past two years, there have been over 150 major hacking incidents involving cross-chain bridges and exchanges, resulting in billions of dollars in losses or theft of encrypted assets.”
Omer Ozden, Chairman of RockTree Capital, commented:
“ZKEX operates on Layer 3 running on zkLink, LayerZero, and Polyhedra chains, ensuring the security of cross-chain deposits, withdrawals, and transactions through zero-knowledge proofs and achieving settlement speeds of up to 1,000 transactions per second.”
About ZKEX
ZKEX is the first multi-chain decentralized exchange in the blockchain industry, providing the functionality of a centralized exchange while maintaining asset self-custody. Users can trade tokens and transfer assets on 10 chains and rollups, including Ethereum, BNB, Polygon, Avalanche, Arbitrum, Optimism, Base, zkSync, Linea, and opBNB. All transactions are protected by zero-knowledge proofs, ensuring the security of user funds.
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