Crypto Valley Exchange (CVEX) has successfully raised $7 million in pre-seed and seed funding rounds, marking a significant milestone as it prepares to launch its mainnet later this year.

Fabric Ventures and Kyber Capital Crypto Fund co-led the investment rounds, with additional contributions from prominent backers including AMDAX, Wave Digital, Funfair Ventures, Seier Capital Family Office, Five T Group, and Saxon. According to a statement released by the company on Tuesday, the raised capital will primarily be allocated towards the imminent launch of CVEX's decentralized exchange (DEX) mainnet during the upcoming summer.

Expressing enthusiasm about the project's progress, CVEX Chief Product Officer James Davies emphasized the transformative potential of the platform in the derivatives trading landscape. Davies highlighted the broader vision of CVEX, positioning it as a revolutionary force poised to reshape the dynamics of futures and options trading within the crypto sphere.

CVEX distinguishes itself by offering a transparent and cost-effective trading environment tailored specifically for futures and options trading. Leveraging specialized bid-offer dynamics, the platform aims to provide superior trading conditions compared to existing alternatives. Notably, CVEX eliminates funding fees for futures trading with leverage, positioning itself as an attractive option for traders seeking efficient and affordable derivatives trading solutions.

The forthcoming mainnet launch of CVEX will introduce enhanced trading features, with the platform initially deploying on Arbitrum. CVEX will extend support to a wide range of user wallets across prominent blockchain networks, including Ethereum, Optimism, BASE, and Solana. Additionally, collateral deposits on the platform will be denominated in Circle’s USD Coin (USDC), providing stability and liquidity to the trading ecosystem.

As CVEX prepares to unveil its mainnet, the platform is poised to play a pivotal role in democratizing access to derivatives trading while fostering innovation and efficiency within the decentralized finance (DeFi) landscape. With strong financial backing and a clear vision for disruptive growth, CVEX represents a promising addition to the evolving ecosystem of decentralized exchanges.