Decentralized Exchange CVEX Raises $7M Ahead of Upcoming Mainnet Launch

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By Harper Lee

DeFi • April 16, 2024, 8:01 a.m. EDT

Published 1 minute ago on

Crypto Valley Exchange (CVEX) has raised $7 million, as it prepares to go live with its mainnet later this year.

Capital was raised in pre-seed and seed rounds co-led by Fabric Ventures and Kyber Capital Crypto Fund, with contributions from AMDAX, Wave Digital, Funfair Ventures, Seier Capital Family Office, Five T Group and Saxon, the company announced Tuesday. in a report. The funds will be used to launch the decentralized exchange’s (DEX) mainnet this summer.

“As we put the finishing touches on CVEX, it is clear to us that this is more than just incremental innovation, we are here to transform the way derivatives are traded,” James Davies said on Tuesday , director of products at CVEX, in a press release.

CVEX is a DEX that aims to provide transparent, low-cost futures and options contracts to cryptocurrency holders, using specialized bid-offer dynamics to undercut competing trading offers. For example, the platform charges no funding fees for leveraged futures trades, its founders said.

The DEX mainnet, with enhanced trading features, will launch on Arbitrum, also with support for user wallets on Ethereum, Optimism, BASE and Solana. Security deposits on CVEX are denominated in USD Coin (USDC) from Circle.

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About the Author

Elizabeth Napolitano is a data journalist covering business and technology news, with a focus on cryptocurrencies. Before joining The Block, Elizabeth reported on BigTech, AI, crypto and gaming for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs, and the US courts. She holds a master’s degree in journalism from CUNY. Follow her on X: @LizKNapolitano

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