Investing.com – Decentralized commerce platform and on-chain consumer superapp LogX has raised $4 million from new backers and a handful of angel investors, bringing its total capital raised to $10.1 million.
The funding round included investments from Hashed Emergent, Cumberland VC, Saison Capital, Gate Labs, DWF Labs, Antler, Coinswitch Ventures, Wagmi Ventures, and Kairos Capital.
The latest funding was also backed by angel investors including Charles and Verity of Espresso Systems and Ryan Lee, CEO of Orderly Network. This follows an earlier $6.1 million seed funding round backed by Coinbase (NASDAQ:) Ventures, Sequoia Capital and others.
Decentralized exchanges (DEXs) gained popularity during the crypto winter after several major centralized exchanges (CEXs), such as Sam Bankman-Fried’s FTX, crashed.
DEXs run automatically and use automated algorithms to manage the trading of digital assets between users without the need for human intervention. Perpetual swaps are financial products unique to the cryptocurrency world, similar to futures contracts, but without a set expiration date.
LogX Founder Akshit Bordia said: “These latest milestones are a testament to the unwavering trust of our financial backers, partners, and most importantly, our loyal users,” said Akshit Bordia, Founder of LogX.
“With the capital we have raised, our mission is to expand our product line and introduce leveraged prediction markets on over 50 blockchains.”
Separately, LogX said it hit a milestone by surpassing $20 billion in trading volume and onboarding more than 1 million users in just ten months.
The platform, which is set to launch in July 2023, plans to expand its offering by launching on the TON blockchain later this year and targeting over 100 million users with its prediction market trading.
LogX has formed partnerships with perpetual protocols such as GMX, Pyth Network, Gains Network, and Orderly Network, as well as several blockchain networks including Arbitrum, Mantle, Linea, Kroma, Fuse, Telos, and Optimism.
Derivatives exchanges are a key part of the on-chain environment for speculating on token prices, with platforms like dYdX and Vertex garnering most of the attention and holding hundreds of millions in cryptocurrency deposits.
