The Good Tech Companies - LogX Hits $20B Volume Milestone, Expands with Fresh $4M in Funding

Episode Date: September 17, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/logx-hits-$20b-volume-milestone-expands-with-fresh-$4m-in-funding. LogX, a decentralized trading platform, has announced that it has raised $4 million. Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #web3, #logx, #logx-fund-raising, #logx-trading-volume, #logx-network, #on-chain-consumer-super-app, #web3-investments, #good-company, and more. This story was written by: @ishanpandey. Learn more about this writer by checking @ishanpandey's about page, and for more stories, please visit hackernoon.com. LogX, a decentralized trading platform, has announced that it has raised $4 million in its latest funding round, bringing its total capital to $10.1 million. The platform, known for its rapid growth, has hit a major milestone by surpassing $20 billion in trading volume in just ten months since its launch. The new funding will primarily fuel LogX’s expansion into leveraged prediction markets, a significant enhancement that will enable users to engage in more sophisticated trading strategies.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. LogX Hits $20 Billion Volume Milestone, Expands with Fresh $4 Million in Funding By Ashan Pandey LogX, a decentralized trading platform, has announced that it has raised $4 million in its latest funding round, bringing its total capital to $10.1 million. The platform, known for its rapid growth, has hit a major milestone by surpassing $20 billion in trading volume in just 10 months since its launch. LogX Network is the first on-chain consumer super app, providing a seamless trading experience for perpetual markets, leveraged prediction markets, and more.

The platform is powered by Arbitrum, Hyperlane, and AltLayer. The recent funding round attracted significant interest from major Web3 investors, including Hashed Emergent, Cumberland VC, Cezanne Capital, Gate Labs, DWF Labs, Antler, Coinswitch Ventures, Wagmai Ventures, and Kairos Capital. Several prominent angel investors also participated, such as Charles and Verity from Espresso Systems, and Ryan Lee, CEO of Orderly Network. This latest round follows an earlier $6.1 million seed round, which saw backing from well-known investors like Coinbase Ventures, Sequoia Capital, IOSG, GFC Global Founders, MSA, and Better Capital. Ixchit Bordia, founder of LogX,

expressed his gratitude and outlined the platform's future trajectory. These latest milestones are a testament to the unwavering trust from our financial backers, partners, and, most importantly, our loyal users, Bordia stated. With the capital we've raised, our mission is to scale our product line and introduce leveraged prediction markets across 50-plus blockchains. The new funding will primarily fuel LogX's expansion into leveraged prediction markets, a significant enhancement that will enable users to engage in more sophisticated trading strategies. By leveraging prediction markets across over 50 blockchains, LogX aims to provide unparalleled flexibility and opportunities

for traders within the decentralized ecosystem. Moreover, LogX is set to make its debut on the TUN blockchain later this year, a move that is expected to bring prediction market trading to an additional 100 million users. This expansion underscores LogX's commitment to broadening its reach and enhancing the trading capabilities available to its global user base. These achievements reflect the strong support from our financial backers, partners, and, most importantly, our dedicated users, said Akshit Bordia, founder of LogX. With the new capital, we aim to scale our product line and introduce leveraged prediction markets across more than 50 blockchains. Since launching in July 2023, LogX has experienced remarkable growth, attracting over 1 million users and achieving over $20

billion in trading volume. The company plans to use the fresh funds to expand its offerings, with a focus on leveraged prediction markets. Additionally, LogX is set to debut on the TUN blockchain later this year bringing prediction market trading to over 100 million users don't forget to like and share the story tip vested interest disclosure this author is an independent contributor publishing via our business blogging program hacker noon has reviewed the report for quality but the claims herein belong to the author hashtag dyor thank you for listening to this hacker noon story read by artificial intelligence but the claims herein belong to the author.