Web3 startup ZKX raises $4.5 mn in seed funding from StarkWare, Alameda Research, others

• ByStartupStory     |    July 15, 2022

Several investors, including StarkWare, Alameda Research, Amber Group, Huobi, and Crypto.com, have invested $4.5 million in Web3 startup ZKX. The Dubai-based startup intends to use its decentralised exchange, which is presently being developed and is anticipated to go live in the fourth quarter of 2022, to access growing countries, including India.

Eduard Jubany, the founder of ZKX  said, “The country of India and the rest of Asia are both very interested in blockchain technologies for cryptocurrencies. India is a mobile-first nation, although the majority of Web3 technologies now in use are desktop-focused. In order to ensure that ZKX can serve and provide possibilities to these mobile-first countries, we had to construct and take the appropriate steps.”

He further stated, “And so, in order to achieve larger scalability and lower fees, we made the decision to develop and employ a brand-new technology called ZK rollups. All in all, our plan is to satisfy the youthful crowd’s need to trade cryptocurrencies while doing it more effectively, with lower costs, and without the involvement of a central authority.”

Jubany asserted that there is no respectable rival in the derivatives market when it comes to opportunities in the Indian industry. He continued, “There are a number of well-known exchanges like CoinDCX, Wazirx, and CoinSwitch Kuber, but for derivatives, there is not yet a clear competition.”

About ZKX:

Eduard Jubany Tur, Naman Sehgal, and Vitaly Yakovlev formed ZKX in 2021. Jubany and Sehgal had executive positions at venture capital firm SOSV before starting ZKX. The startup intends to introduce complex trading strategies as simple perpetual swaps and with the help of its gamified leaderboards, decentralised order book and liquid governance. Although ZKX operates remotely from Europe and India, the Indian team now consists of 14.

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