Decentralized exchange CVEX raises $7 million ahead of upcoming mainnet launch

Crypto Valley Exchange (CVEX) has raised $7 million, as it gears up to take its main network live later this year.

The capital was raised in pre-seed and seed rounds co-led by Fabric Ventures and Kyber Capital Crypto Fund, with contributions from AMDAX, Wave Digital, Funfair Ventures, Seier Capital Family Office, Five T Group, and Saxon, the company said Tuesday in a statement. The funds will go toward launching the decentralized exchange's (DEX) mainnet this summer. 

“As we put the finishing touches to CVEX, it’s clear to us that this is more than just incremental innovation, we are here to transform how derivatives are traded,” CVEX Chief Product Officer James Davies said Tuesday in a statement.

CVEX is a DEX that aims to offer transparent and inexpensive futures and options-focused trading to crypto holders, utilizing specialized bid-offer dynamics to undercut competing trading offerings. For example, the platform has no funding fees for futures trading with leverage, its founders said. 

The DEX's mainnet, which boasts enhanced trading features, will launch on Arbitrum, with support for user wallets across Ethereum, Optimism, BASE, and Solana as well. Collateral deposits on CVEX are denominated in Circle’s USD Coin (USDC).