Thailand-Based DeFi Platform Raises $5 Million in Seed Funding

• Kasikornbank and Bank of Ayudhya, two of Thailand’s largest banks, are backing Forward.
• Forward has partnered with NFT artist LUNGtiger to better understand blockchain technology.

Forward, a Thailand-based Decentralized Finance (DeFi) company, has received $5 million in seed funding from venture capital platforms. It is backed by Kasikornbank and Bank of Ayudhya, two of Thailand’s biggest banks.

Primestreet Capital, GBV-Genesis Block Ventures Capital, Varys Capital, and Ratanakorn Asset Co., Ltd., Thailand’s largest real estate company, are some of the other financiers that took part in the campaign. These inventory investments in blockchain technology and investments in digital assets.

According to a statement from Forward, the initiative would change the financial industry by creating financial products, investing in financial services, setting up a decentralized derivative market, and providing DeFi-focused services.

Also, Forward is a blockchain and investing services company with a Thai base. It offers services like derivative trading, crypto loans, borrowing, and services through a decentralized derivatives firm with an automated position hedger protocol.

DeFi Forward Strategies for the Future

The blockchain sector should prioritize increasing DeFi usage, specifically in Asia. In this field, innovation and new firms demand constant encouragement and empowerment. Only a reliable digital currency will allow DeFi to exist. Tether coin is one of the stablecoins that supports DeFi projects.

Forward Labs has also teamed with NFT artist LUNGtiger to increase their understanding of blockchain technology. And to give opportunities for NFT works by freshmen at Chiang Mai University’s College of Arts, Media, and Technology.

Any service offered by conventional financial institutions should be available through DeFi. In essence, Defi is the mapping of traditional financial services into blockchain-based financial services, resulting in new services or derivatives based on the distinctive qualities of blockchain.

Parallely, Forward will be situated to play an important role in the evolving DeFi ecosystem as an outcome of the funding. Using the funding, the company wants to expand its business, hire more employees, and expand in major places.