WEEX Raises $100M Valuation in Funding Round Led by South Korean Digital Marketing Giant FSN
Singapore, 1 August, 2023
Cryptocurrency exchange WEEX announces that it set to raise funds in a new funding round with a valuation of $100 million, and Korean digital marketing giant FSN plans to lead the investment. The raised capital will primarily be utilized by WEEX to expand its global footprint in the cryptocurrency market while enhancing security measures for its users.
WEEX is a user-friendly exchange that offers copy-trading services, enabling users to follow professional traders' strategies with a single click. This approach not only lowers the entry barriers for newcomers in futures trading but also enhances their trading success rate. Additionally, WEEX copy-trading feature supports the automatic synchronization of professional traders' opening and closing actions, helping users seize opportunities in the rapidly changing market without the need for constant monitoring, saving time and effort.
As a futures-focused exchange, WEEX is renowned for its trading depth and ranks among the world's leading derivative exchanges in terms of liquidity, placing in the top 5 for average liquidity on CoinMarketCap. The platform boasts thick order books and narrow spreads, achieving millisecond-level matching, zero slippage, and zero intrusion, thus minimizing users' trading costs and liquidity risks, providing a seamless and exceptional trading experience.
FSN (214270.KQ) is the first South Korean advertising technology company listed on KOSDAQ, and it holds the position as the largest digital marketing group in South Korea.
In 2022, FSN's total advertising revenue reached 498 billion Korean won (approximately $388 million). The group focuses on key business areas such as marketing, technology, commerce, and global ventures, contributing to the value chain of future industries. FSN is expanding beyond South Korea and aims to become Asia's largest integrated digital marketing company, with subsidiaries and business networks spanning East Asia and Southeast Asia, including a subsidiary listed on the HOSE in Vietnam.
With its impressive integrated marketing services and technological capabilities, FSN is venturing into industries beyond marketing and is leading the way from AD-Tech to Web3 in future industries. Its presence in the Web3 domain includes the establishment of a Web3 technology company called Fingerlabs, launching NFT projects like Sunmiya Club and Bellygom, introducing the NFT wallet Favorlet, and the NFT platform Xclusive.
The CEO of FSN, Lee Sang Seok, expressed strong confidence in the potential growth of WEEX in the cryptocurrency trading sector. If this investment plan proceeds as intended, it will create synergies with the existing Web3 business of FSN, contributing to continuous growth in technology and global presence for the company.
WEEX is a futures trading platform emphasizing security and user-friendliness. Established in 2018, the platform currently serves over one million users with an average daily trading volume exceeding $1.5 billion. With secure overseas data protection and a skilled international team, WEEX actively expands its global strategic presence. It has obtained licenses from the US MSB, Canadian MSB, and Saint Vincent FSA, aiming to provide the most professional, secure, and privacy-oriented trading services to global users. To safeguard users' funds, WEEX has set up a 1,000 BTC investor protection fund and publicly disclosed the hot wallet addresses of the fund.