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Former Grindr exec and a married couple launch Rails with $6.2M round, for its decentralized FTX alternative

TechCrunch · 1y

Decentralized crypto exchange Rails has raised $6.2 million in funding to fill the void left by crash-ridden FTX in 2022. The startup aims to straddle the divide between centralized and decentralized exchanges by building out both types of underlying technology. Rails, currently in early stages, plans to offer an offshore service in select crypto-friendly countries, excluding the US. The fundraising round was led by Slow Ventures along with CMCC Global, Round13 Capital, and Quantstamp. The capital will be used for hiring engineering talent and expanding the exchange's licensing and regulatory strategy. Rails aims to address the gap in perpetual futures trading for institutional clients and high-net-worth investors. The exchange is focused on user experience, offering centralized computing for risk management and decentralized custody for fund ownership. Rails plans to go public in September or Q4 2022.