Decentralized Crypto Exchange Rails Raises $6.2 Million to Fill Void Left by FTX Crash in 2022

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Cointime2024/03/22 01:17

By:Cointime

Rails, a decentralized crypto exchange, has secured $6.2 million in funding to address the gap left by FTX's crash in 2022. The exchange will be launched in select crypto-friendly countries, excluding the US, and will offer both centralized and decentralized underlying technology. The funding will be used to hire more engineering staff and expand its licensing and regulatory strategy to ensure full compliance. Rails will focus on market makers and institutional clients, offering perpetual futures contracts that track the price of bitcoin through stablecoin USDC. The platform aims to provide a centralized experience while keeping the money in audited smart contracts, bridging the gap between centralized computing and decentralized custodying of assets through blockchain technology.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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The crypto market has dipped in response to President Trump’s plan to enact steep tariffs on imported goods from Canada, Mexico, and China beginning on Tuesday.Canada and Mexico have ordered retaliatory tariffs in response, while China promised “corresponding countermeasures” and said it would file a lawsuit with the WTO.Memecoins were particularly hard-hit by the downturn, with many top coins seeing double-digit percentage drops. Trump’s memecoin has fallen nearly 30% over the past week.

The Block•2025/02/02 17:11