ApolloX, a top 10 decentralized exchanges (DEX) on CoinMarketCap in June 2022, announced today that it has secured undisclosed seed funding from investors including Binance Labs and Kronos Research secured.
ApolloX added that other investors who participated in the round include Lingfeng Capital, SafePal, TokenPocket, 3Commas, and LUX Capital.
ApolloX sources added that this strategic funding will aid the firm to expand its current product and build new product lines across the ecosystem – including spot trading, predict-to-earn, and DEX-as-a-Service. Since its launch in September 2021, ApolloX has continued to experience rapid growth, with a cumulative trading volume reaching $158.87 billion in May 2022.
“Decentralized finance is increasingly crowding out the market share of centralized finance. Protocols are rapidly being renewed in this highly competitive space as users demand more control, value, and accessibility. We are thrilled that our investors are recognizing our contribution to this evolution towards decentralization and Web3,” stated ApolloX Captain, Founder of ApolloX.
Industry sources added that ApolloX offers an easily accessible yet sophisticated decentralized trading solution. The team’s understanding and passion for the industry drive ApolloX to develop features that will transform the experience for everyone involved in cryptocurrency and blockchain.
In April 2022, the platform announced its forward-looking plan to realize its vision of Web3: ApolloX 2.0, a burn of 5.75 billion APX tokens, and transition to self-government through a decentralized autonomous organization (DAO).
ApolloX further added that the DAO structure will help foster the adoption of decentralized crypto assets and user-centric blockchain technology on a global scale. ApolloX DAO will use industry-standard solutions to implement decentralized management and enable transparent and trusted community decision-making for platform development.
ApolloX believes the future of the DAO will aid in curbing the centralized leadership and empower the next generation of protocols to take blockchain innovation to greater heights. This will bring new markets and opportunities for the industry. In the coming year, ApolloX will implement its roadmap and continuously improve the degree of decentralization. Also, the company will continue to expand its strong partner network with platforms and companies such as CoinMarketCap, PancakeSwap, and Banxa Holdings.
