ZKEX, the first decentralized multi-chain exchange on the blockchain, announced today that it has successfully raised $2.5 million in seed funding. The funding round saw participation from institutions such as Fenbushi Capital, KXVC, and RockTree Capital. The funds raised will be used to support ZKEX in achieving its roadmap, which includes the launch of features such as fiat-to-crypto purchasing, a mobile app, and a Telegram bot in the next quarter.
ZKEX offers users the functionality of a centralized exchange (CEX), including multi-chain swapping, spot trading, derivatives trading, and cross-chain bridging. Unlike traditional CEXs, ZKEX allows users to trade any chain’s cryptocurrencies directly from their self-custodied wallets, without relinquishing control of their tokens to the exchange.
ZKEX utilizes zero-knowledge technology to create a secure and unified trading layer, addressing the issue of liquidity fragmentation between different blockchains. It is the first decentralized exchange in the industry to solve this dilemma.
The 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 by early 2024. The number of active user wallets has also grown 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 lost or stolen cryptocurrency assets.”
Omer Ozden, Chairman of RockTree Capital, stated:
“ZKEX operates on Layer 3, built 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 decentralized multi-chain 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 safety of user funds.
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