CyberX has secured $15 million in Series A funding from Foresight Ventures to expand its operations in Asia and North America.
CyberX looks to scale its business infrastructure
Crypto venture capital firm Foresight Ventures has invested $15 million in CyberX, a web3 project that aims to offer users cutting-edge services in trading, financing and more, to help the company expand its infrastructure, liquidity network and operations in North America and Asia.
According to reportsIn addition to fueling CyberX’s expansion momentum, the funding will enable the project to carry out further integrations with centralized and decentralized exchanges and DeFi platforms.
CyberX CEO Hao Wang expressed his satisfaction with the success of the funding round, stating that the blockchain sector will disrupt the traditional financial sector in the near future.
“Our goal is to connect assets efficiently and transparently with our proprietary technology to provide liquidity across all trading venues, DeFi protocols, and [non-fungible token] markets.”
Hao Wang, CEO of CyberX.
CyberX team members are former Wall Street professionals with years of trading experience at financial giants such as Goldman Sachs, Morgan Stanley, UBS, BlackRock, Citadel, and AQR.
Speaking about the new development, Forest Bai, CEO of Forest Ventures, stressed the importance of infusing more liquidity into the crypto industry, which has had its fair share of liquidity crunch since the start of the crypto winter.
Bai also discussed CyberX’s perspective on the blockchain sector, stating that due to its “advanced technology and experienced team”, the project will eventually become a major player in the industry.
CyberX has been building its crypto liquidity network for some time now; The platform currently has a daily trading volume of $400 million with over 5,000 tokens and over 1,000 trading pairs.
The funding is a step in the right direction for the company, as the FTX crisis has caused contagion throughout the market that has significantly affected market makers and liquidity providers.
