OX.FUN, the gamified cryptocurrency exchange, has successfully closed a $4 million funding round led by Foresight Ventures, with backing from the controversial Three Arrows Capital (3AC) founder, Su Zhu. 

The investment is slated to fuel OX.FUN’s plans for product iteration, team expansion, market growth, and other platform development goals, as announced in their recent post on X.

https://t.co/CX7D4mzode SECURES USD 4 MILLION INVESTMENThttps://t.co/CX7D4mzode has just secured a new round of financing of USD 4 million. This round was led by @ForesightVen, together with @DoublePeakGroup , @emchaindxb and @GenblockCapital among others. The capital… pic.twitter.com/9zSjzWmRor

— OX.FUN (@OXFUNHQ) February 23, 2024

OX.FUN’s Innovative Model and $4M Funding Triumph

Launched in January 2024, OX.FUN has gained attention in the crypto space with its dual-token model. Traders on the platform earn OX coins for successful trades and a secondary token called MILK for unsuccessful ones. The OX coin, considered the exchange’s “centerpiece,” serves as collateral on the platform and is also the reward currency.

The OX.FUN team expressed their excitement about the funding round, stating, “It brings us one step closer to our goal of making trading crypto fun, engaging, and rewarding again.” Since its inception, OX.FUN claims to have attracted $1.5 billion in deposits and facilitated $20 billion in trading volumes.

However, this is not Su Zhu’s first attempt to spearhead a crypto project since the tumultuous collapse of 3AC in the summer of 2022. In early 2023, Su Zhu, along with his partner Kyle Davies, announced the launch of the OPNX cryptocurrency exchange. Unfortunately, just a year later, the exchange surprised users with a closure announcement, urging them to close all positions by Feb. 7 and withdraw funds by Feb. 14.

Su Zhu, who faced severe backlash from creditors after the 3AC collapse, was arrested in Singapore in September 2023. In December of the same year, he reportedly underwent questioning in a Singapore court regarding the circumstances surrounding 3AC’s collapse.

[DB] Three Arrows Co-Founder Zhu Apprehended in Singapore: Statement: Bloomberg

— db (@tier10k) September 29, 2023

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.