OX.FUN, reportedly supported by controversial Three Arrows Capital (3AC) founder Su Zhu, has closed a brand new $4 million funding spherical led by Foresight Ventures.
In accordance with the OX.FUN submit on X, funding might be used for product iteration, group constructing, market enlargement, and different platform growth targets.
“It brings us one step nearer to our purpose of creating buying and selling crypto enjoyable, participating, and rewarding once more.”
OX.FUN group
In accordance with the platform, OX.FUN was launched in January 2024 as a gamified exchange, adopting an modern dual-token mannequin through which merchants earn OX coin for closing successful trades and a secondary token, MILK, for dropping trades. The OX, named as “centerpiece” of the trade, is serving as collateral on the platform and the reward forex.
The platform group additionally claims that since its launch, OX.FUN has acquired $1.5 billion in deposits and $20 billion in buying and selling volumes.
OX.FUN is just not the primary try by Su Zhu to advertise a brand new crypto venture after the scandalous collapse of 3AC in the summertime of 2022. In the beginning of 2023, Su Zhu and his companion Kyle Davies announced the launch of the OPNX cryptocurrency trade. Only a yr later, in early February, the trade sent out a letter to customers asserting its imminent closure. OPNX administration “strongly” suggested shoppers to shut all positions by Feb. 7 and withdraw funds by Feb. 14.
Su Zhu, going through an assault from collectors after the collapse of 3AC, was arrested in Singapore in September 2023. In December 2023, he reportedly faced his first court docket questioning in Singapore court docket concerning the agency’s collapse.