LogX Raises $4 Million in Additional Funding to Expand Trading Platform
LogX, a rapidly expanding decentralized trading platform, has recently announced that it has raised an additional $4 million in funding, bringing its total funding to $10.1 million.
This fundraising comes as LogX continues to experience impressive growth, surpassing $20 billion in trading volume in less than a year since its launch.
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About LogX
LogX positions itself as the first Super App for decentralized finance, offering a seamless user experience for trading perpetual and prediction markets, among other things. With a strong infrastructure and strategic partnerships, LogX aims to establish itself as a leader in the decentralized trading space by harnessing the power of multiple blockchains and providing unprecedented liquidity to its users.
Funding Round and Strategic Investors
This new funding round attracted key players in the web3 industry, including venture capital funds such as Hashed Emergent, Cumberland VC, Saison Capital, Gate Labs, DWF Labs, and Coinswitch Ventures. Private investors like Charles and Verity from Espresso Systems, as well as Ryan Lee, CEO of Orderly Network, also joined the fundraising round.
It is worth noting that this round follows an initial seed funding round of $6.1 million, in which notable investors such as Coinbase Ventures and Sequoia Capital had already participated. With this fresh injection of capital, LogX seems well-positioned to continue its rapid growth.
Growth and Objectives
Since its launch in July 2023, LogX has not only attracted over a million users, but has also generated a cumulative trading volume exceeding $20 billion. These figures attest to the platform’s appeal to traders seeking alternatives to centralized exchanges, as well as LogX’s ability to meet the growing demand for decentralized trading solutions.
According to Akshit Bordia, founder of LogX, the primary goal of this new funding round is to expand the platform’s offerings.
Our mission is to broaden our product range by introducing leveraged prediction markets on over 50 blockchains.
This ambition reflects LogX’s desire to expand its influence in the burgeoning prediction market segment of DeFi.
Deployment and Perspectives
With the new funds, LogX plans to strengthen its existing services while exploring new opportunities on emerging blockchains. Of particular note is the upcoming integration of the platform with the TON blockchain, an initiative that could potentially bring LogX access to over 100 million additional users. This expansion aims to make prediction markets and leveraged products more accessible to a wider audience.
LogX’s multi-blockchain approach, which already includes partnerships with Arbitrum, Hyperlane, and AltLayer, is a cornerstone of its success. By aggregating liquidity from major centralized exchanges like Binance and Coinbase, LogX is able to offer users of decentralized finance virtually unlimited liquidity, solidifying its unique position in the market.
