Venture Labs, a fintech company based in Karachi, has raised $6.4 million in a seed fundraising round valued at $50 million.
The fintech has received money for its dTrade trading software, which allows users to trade derivatives without the requirement for a brokerage or clearinghouse. It also eliminates the danger of a counterparty.
The funding comes from a group of nine venture capitalists from around the world. Institutional liquidity providers, Alameda Research, Kronos Research, LedgerPrime, and others are among the investors, according to Seed Labs, who altogether trade 28 billion dollars every day.
Their press release stated, “They will support us in the construction of a highly liquid and easily accessible derivatives exchange.”
“The trading platform will primarily be a Perpetual Swap Trading Exchange in the initial phase,” Zabi explained. Any trading pair from any asset class — commodities, equities, digital assets, and pre-IPO stocks — can be offered on a deeper technical level. Seed Labs is currently concentrating on the European and Asian target markets.
He also stated that the derivatives exchange will launch in the third quarter of this year, and that it is already completing its first set of technical security and penetration testing assessments.
The fintech employs 24 people, 18 of them are based in Karachi while the remaining six are from Sydney, Toronto, Washington, D.C., Novi Sad, New York, and San Francisco.
Seed Labs was formed just over a year ago by Yameen Malik, Rabeel Jawaid, Zabi Mohebzada, and Ahmad Jawaid. Yameen has over six articles in the field of AI and has worked for Symantec as a Software Engineer. Rabeel is a physicist, while Zabi is a biologist. Ahmad has worked in Silicon Valley as a Software Engineer and brings that knowledge to the table.
Source: ProPakistani & MENA Bytes