ForDeX, the world’s first stablecoin-focused exchange has received an undisclosed amount from 0x, a leading protocol for decentralized exchanges which powers ForDEX and other DEXs such as Paradex, SharkRelay etc. ForDeX is being built by ZPX and the grant serves as a strong signal to the market, validating the strength of the ZPX team, execution, roadmap and long-term vision as well as the powerful backing of the 0x team.
Over the past couple of weeks, ForDeXhas achieved multiple milestones including being one of the earliest exchanges to list KRWb, the first DEX globally to have a fiat on-ramp and possibly being the only DEX in the world that offers unique cross-stable coin pairs such as USDC/DAI, DAI/PAX, and PAX/USDC, as well as PAX/USDS, PAX/WETH and DAI/WETH.
According to Ramani (Ram) Ramachandran, CEO of ZPX, “The support from 0x has been immensely helpful in more ways than one - we are working closely with them to bring on board more market makers, users, partners and build out ForDeX to be a better product and serve real user needs aiming towards true decentralization”.
ForDeX’s current focus is to drive liquidity through the system and to this end, the team has taken some interesting steps including -
- Creating customized in-house market maker tools and signing up with leading market makers to pilot the program
- Working with companies in the DeFi stack including MakerDAO, Dy/Dx, Compound, etc.
- Engaging companies such as Hummingbot.io to create automated traders with capital to enable end-user liquidity
With the support of 0x, MakerDAO, PAXOS, KRWb, Digix and a number of other partners, the ForDeX team is confident of building out ForDeX along the planned roadmap, the end goal of which is to make ForDeX an integral part of the DeFi ecosystem. ZPX has plans to integrate ForDeX with multiple stacks to enable market makers and HODLers on the platform, while also looking at ways to provide lending and borrowing on the platform and in turn provide liquidity. It is also looking at ways for funds to arbitrage and generate returns easily on our platform.
ForDeX is inviting partners for market making, trading and integrations with existing wallets looking for stable coin pairs. interested folks can reach out to the team at [email protected] and updates regarding ForDeX can be tracked on Reddit, Twitter and Telegram.
ZPXis also pleased to announce that Abhay Havaldar, ex-MD at General Atlantic and current Member of the Board of Directors for NSE (National Stock Exchange), is joining the ZPXadvisory board. With his long standing experience as an operator and as an investor, Havaldar will guide and mentor ZPX as it embarks upon a critical phase of its growth, during an exciting time in the market cycle.
ZPX is a Singapore-based firm operating in the blockchain space with offices in Singapore, India and the US. ZPX is led by a team with significant experience across financial services and technology. ZPX has built multiple blockchain products including 108Token and Satoshi&Co and organized a large conference, De/Centralize.