The Controversial OX.FUN Raises $4 Million in Funding Round
OX.FUN, a gamified exchange supported by Su Zhu of Three Arrows Capital (3AC), has successfully closed a new funding round, raising $4 million with Foresight Ventures as the lead investor. The funds will be allocated towards product iteration, team building, market expansion, and other platform development goals.
“It brings us one step closer to our goal of making trading crypto fun, engaging, and rewarding again.”
OX.FUN team
OX.FUN was launched in January 2024 as an innovative gamified exchange that utilizes a dual-token model. Traders earn OX coin for closing winning trades and a secondary token called MILK for losing trades. The OX coin acts as collateral on the platform and is also the reward currency.
Since its launch, OX.FUN has garnered significant traction with $1.5 billion in deposits and $20 billion in trading volumes.
Su Zhu’s Previous Ventures and Legal Troubles
This is not Su Zhu’s first attempt at promoting a new crypto project following the collapse of 3AC in 2022. In early 2023, he launched the OPNX cryptocurrency exchange with his partner Kyle Davies. However, just a year later, OPNX announced its closure due to undisclosed reasons.
Su Zhu faced legal troubles after the collapse of 3AC and was arrested in Singapore in September 2023. He recently underwent questioning in a Singapore court regarding the firm’s collapse.
Hot Take: OX.FUN Paves the Way for Engaging Crypto Trading
With its gamified approach and dual-token model, OX.FUN aims to revolutionize the crypto trading experience. By incentivizing winning trades and providing rewards even for losing trades, OX.FUN brings back the fun and engagement that may have been lost in traditional trading platforms. The recent funding round further solidifies OX.FUN’s position in the market and paves the way for continued growth and innovation.
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