OpenEx Closes Funding Round
Singapore, Singapore, July 20th, 2023, Chainwire
OpenEx Closed Funding Round to build an industry-unique hybrid exchange model that integrates centralization and decentralization, aiming to be the Hybrid,CEX+DEX, where certified partners can act as their own liquidity provider.
OpenEx today announced it has its Pre-A close for a valuation of 50 Million USD. The round includes prominent names in the Web3 space, including C² Ventures, Agallochum Capital, TKX Capital, and many other Web3 industry leaders. The new funding will be used to better the trading experience on the products.
The downfall of FTX reveals the chronic illness of the industry: many crypto exchanges enter the market to trade and form opposite trades with users leading to the exchange being exposed to huge price risks, rampant insider trading, and imperfect risk controls leading to user security issues such as capital safety.
By allowing certified partners to own their decentralized trading pool, autonomy and membership sovereignty is at the forefront. OpenEx’s core principles are neutrality, fairness, and impartiality. With decentralized trading pools, OpenEx will ensure fairness and foster increased participation in the trading ecosystem.
“OpenEx is growing at an exponential rate and we look forward to pushing out more fun and innovative products to our supporters,” said Bob Chien, Chief Business Officer of OpenEx, “Given the current market situation, we will soon initiate our trade mining program, where users will be rewarded as they trade.”
“Based on the OpenEx infrastructure and ecosystem, important links and participants of traditional financial markets, like brokers, will be able to provide more customized services to users in different regions and with different experience profiles.” stated Chris Lee from TKX Capital.
When asked about the future of OpenEx, CEO Jake Stolarski, replies, “We are here to democratize the traditional CEX model, with a focus on user empowerment and freedom, we hope that we can build a beginner-friendly platform that ensures fair transactions and personalized services.”
OpenEx has been online for nearly 3 months and already has an active community of over 100,000 monthly active users, with 60,000+ registered users and members respectively. The daily trading volume is approximately around 100 million USD.
OpenEx is building an industry-unique new-generation hybrid exchange model that integrates centralization and decentralization, attracting diverse market entities through diverse trading modules to maximize liquidity creation and the most efficient pricing.