LogX Secures $4M in Funding, Surpasses $20B in Trading Volume

A decentralized trading platform and on-chain consumer super app, LogX, has successfully raised $4 million from new investors and a selection of angel investors, bringing its total funding to $10.1 million.

This funding round saw participation from a variety of firms, including Hashed Emergent, Cumberland VC, Saison Capital, Gate Labs, DWF Ventures, Antler, Coinswitch Ventures, Wagmi Ventures, and Kairos Capital. Additionally, angel investors such as Charles and Verity from Espresso Systems and Ryan Lee, CEO of Orderly Network, contributed to the round. This latest capital injection follows a previously secured $6.1 million seed round, which was supported by prominent investors like Coinbase Ventures and Sequoia Capital.

The rise of decentralized exchanges (DEXs) has been notable, particularly during the recent downturn in the cryptocurrency market, which saw the collapse of several major centralized platforms. DEXs operate through automated algorithms that facilitate digital asset trading between users without human intervention. Unique to the crypto landscape, perpetual swaps function similarly to futures contracts but do not have a predetermined expiration date.

Akshit Bordia, the founder of LogX, stated, “These latest milestones reflect the unwavering trust from our financial backers, partners, and, most importantly, our loyal users. With the capital we’ve raised, our mission is to scale our product line and introduce leveraged prediction markets across more than 50 blockchains.”

LogX also announced that it has surpassed $20 billion in trading volume and has welcomed over 1 million users in just ten months since its inception.

Launched in July 2023, LogX aims to broaden its offerings by integrating with the TON blockchain later this year, with a goal of reaching over 100 million users through its prediction market trading.

The platform has established partnerships with various perpetual protocols, including GMX, Pyth Network, Gains Network, and Orderly Network, and collaborates with multiple blockchain networks such as Arbitrum, Mantle, Linea, Kroma, Fuse, Telos, and Optimism.

Derivatives exchanges play a crucial role in the on-chain ecosystem for speculating on token prices, with platforms like dYdX and Vertex gaining significant attention and holding substantial amounts in crypto deposits.