KTX.Finance – a decentralized perpetuals exchange on BNB Chain – recently announced a $4 million seed round financing led by Hashed. And other participants in the round include AlphaLab Capital, CRIT Ventures, 100&100 Ventures, Trinito Corporation / Morpheus, GSG Asset, KuCoin Ventures and Sky9 Capital.
KTX.Finance went live in June 2023 on BNB Chain with the goal of bringing perpetuals trading to the masses. And while several DEXs have emerged to address CEX risk, KTX.Finance’s competitive edge has been to maintain superior UIUX and speed as well as lower fees. Plus KTX.Finance is seeing early results, achieving $40 million USD in trading volume from more than 600 traders.
Rather than trading against a market-maker, traders trade against the KLP pool, a multi-asset liquidity pool consisting of 50% stablecoins and 50% blue-chip crypto assets (such as BTC, ETH, BNB). And by adopting such a model, traders can trade with full custody of their assets while enjoying the benefits of leverage, good user experience, and low fees. Plus liquidity providers on KTX.Finance can deposit any blue-chip asset into the KLP pool and receive up to 70% of the trading fees generated by the protocol.
KTX.Finance was operated by Alphamesh and incubated by ByteTrade Lab, a Web 3.0 infrastructure and venture builder based in Singapore. ByteTrade Lab, based in Singapore, raised $50 million in Series A financing in June 2022 from investors such as Susquehanna International Group (SIG) Asia Venture Capital Fund, INCE Capital, BAI Capital, Sky9 Capital, BlueRun, and PCG. And they are committed to creating a decentralized Internet that gives individuals ownership and control over their financial and daily Internet data.
ByteTrade Lab was actively incubating Terminus OS and a network of decentralized Edge Nodes, also known as privately-owned personal servers. And through these Edge Nodes, users can self-host and run open protocols and software, enabling them to leverage extensive computational and storage capabilities. This empowers users with more access and control over their Internet data, ultimately establishing a user-centric decentralized Internet network that aligns with the full value proposition of Web 3.0.
“Decentralised trading has grown increasingly popular since the collapse of their centralised counterparts. This was accelerated by the advent of multi-asset shared pool liquidity, which deepens trading liquidity for on-chain leveraged positions and brings capital efficiency for liquidity providers. KTX.Finance demonstrates these concepts as a fresh protocol on BNB Chain, executed by a seasoned team with >40 years of combined developer experience and operationally bootstrapped by ByteTrade Lab.”
— Edward Tan, Investments & Research at Hashed
“Blockchains, as open and transparent ledgers, excel in decentralizing the asset layer of the Internet. As part of this movement, KTX.Finance is leading the way in democratizing the perpetuals market. ByteTrade Lab has a shared vision with KTX.Finance of more accessibility and user empowerment, and we have high confidence in the project’s ability to bring DeFi to more users globally.”
— Dr. Lucas Lu, CEO of ByteTrade Lab