Investing.com - Decentralized trading platform and on-chain consumer Super App, 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 Ventures, Antler, Coinswitch Ventures, Wagmi Ventures, and Kairos Capital.
The latest financing was also bankrolled by angel investors such as Charles and Verity from Espresso Systems and Ryan Lee, CEO of Orderly Network. This follows an earlier $6.1 million seed round backed by Coinbase (NASDAQ:COIN) Ventures, Sequoia Capital, and others.
Decentralized exchanges (DEXs) gained popularity during the crypto winter after several major centralized platforms (CEXs), like Sam Bankman-Fried’s FTX, collapsed.
DEXs are self-executing, using automated algorithms to handle the trading of digital assets between users without needing human intervention. Perpetual swaps are financial products unique to the crypto 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 from our financial backers, partners, and, most importantly, our loyal users,” said Akshit Bordia, Founder of LogX.
“With the capital we’ve raised, our mission is to scale our product line and introduce leveraged prediction markets across 50+ blockchains.”
Separately, LogX said that it reached a milestone by exceeding $20 billion in trading volume and onboarding over 1 million users in just ten months.
Launched in July 2023, the platform plans to expand its offerings by launching on the TON blockchain later this year, targeting over 100 million users with its prediction market trading.
LogX has formed partnerships with perpetual protocols like 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 grabbing most of the spotlight and holding hundreds of millions in crypto deposits.