Singapore-based cryptocurrency exchange platform ZPX has reportedly secured $1.3m seed funding round.
Investments to the round came from firms including SeedPlus and Milliways Ventures, according to a report by e27. A series of angel investors also contributed to the round including Square product engineering lead Gokul Rajaram, Freshdesk CEO Girish Mathrubootham, India Quotient founding partner Anand Lunia and Zerodha’s Nithin Kamath, it said.
ZTX is a decentralised cryptocurrency exchange platform which enables users to trade tokens, research the sector and manage their assets. The platform does not hold any trader’s funds, positions or information to improve security and only serves as a service to facilitate trades, the article said.
Funds from the round will be used to support the creation and launch of new products and hiring more staff to its team, it states. ZPX is also looking to expand its reach out from India and Singapore, targeting UAE, Indonesia and SouthEast Asia over the next year.
There has been a lot of activity in the cryptocurrency market over the past month. Earlier in the week, blockchain investing platform CoinList closed a $9.2m investment, and cryptocurrency trading app BitKan picked up $10m for its Series B.
Last year, North America dominated the cryptocurrency investing market picking up 63 per cent of total funding, according to data by FinTech Global.
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