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Binance Labs Participates in the Seed Funding Round of ApolloX, Crypto DEX

2022-06-07

Key Takeaways:

  • Binance Labs participated in the seed funding round of ApolloX, with Kronos Research, Lingfeng Capital, SafePal, Token Pocket, 3Commas, and LUX Capital.

  • ApolloX looks to build new product lines in its ecosystem and to shift to DAO self-governance.

Binance Labs, the venture capital and incubation arm of Binance, today announced its investment in ApolloX, one of the top 10 decentralized exchanges on CoinMarketCap as of June 2022.

Industry players such as Kronos Research, Lingfeng Capital, SafePal, Token Pocket, 3Commas, and LUX Capital also participated in this round of funding.

With the newly secured fund, ApolloX has set up a driving force to expand its product suites. ApolloX will add more features to the trading service, and build new product lines such as spot trading, predict-to-earn, and DEX-as-a-Service. Furthermore, ApolloX will start to shift to DAO self-governance.

ApolloX sees that the decentralized autonomous organization (DAO) structure will help further the adoption of decentralized crypto assets and user-centric blockchain technology globally. ApolloX DAO will utilize industry-standard solutions to implement decentralized governance, and facilitate transparent and trustless decision-making by the community for platform development.

Since its launch in September 2021, ApolloX showed consistent growth, with cumulative trading volume hitting $158.87 billion in May 2022. ApolloX offers an accessible yet sophisticated decentralized trading solution. The team’s understanding and passion for the industry drive ApolloX to build features that will change the experience for all stakeholders in cryptocurrency and blockchain.