Thai banking giant joins Forward DeFi firm in $5M funding

The venture capital arm of a major Thai bank has invested in a decentralized financial platform known as Forward. The funding round also saw participation from several major traditional players in technology and other industries.

Thai banking giant invests in Forward’s $5M funding round

Kasikombank and Bank of Ayudhya’s VC arm are supporting a funding round by the Forward DeFi company. The two are Thailand’s largest banks and have participated in a $5 million seed funding round.

Other companies participating in the funding round include Ratanakorn Technology Group, GBV Capital, and Varys Capital. Primestreet Capital led a $5 million seed funding round.

Forward says it is the first DeFi platform to welcome investment from two major Thai banks and a global fund following its recent seed funding round. Forward is his DeFi company working on creating a protocol to support the trading of decentralized derivatives that match long and short positions.

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The DeFi firm added that its recent funding round shows it doesn’t need to rely on market makers or limit order books as the crypto winter continues. is three times the trading volume of sports and that number is still growing.

Commenting on the development, Forward founder and CEO Chanon Charatsutikul said that Forward will focus on developing a decentralized derivatives platform. The platform is non-custodial and runs on a system that prohibits transactions from authorized addresses and countries.

The funding round comes amid fluctuating levels in the Thai cryptocurrency market. In August, Thailand’s oldest bank, Siam Commercial Bank, announced that it would part with a $500 million deal to acquire the Bitkub cryptocurrency exchange.

The cancellation of this acquisition transaction comes about a month after the Securities and Exchange Commission of Thailand issued a request to the Bitkub exchange to review its listing process after listing KUB Coin. Huobi Exchange also announced that it will suspend operations in Thailand following regulatory concerns.

DeFi activity impacted by crypto bear market

DeFi activity has been affected by the ongoing bear market. As a result of the significant drop in cryptocurrency prices, some of his DeFi platforms such as Celsius and Hodlnaut have suspended withdrawals as the market continues to decline.

The total value of locked DeFi has also trended downward since the beginning of the year. According to DeFi Llama, DeFi TVL totals have reached $60 billion at the time of writing, with Ethereum accounting for the largest share of TVL.

Considering DeFi TVL was around $169 billion at the beginning of the year, the current numbers are a notable drop. However, TVL’s drop doesn’t seem to have affected DeFi interest in him by his venture capitalists.

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