<aside> 🗞️ Read our press release here.

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In both my personal and professional capacities as an investor, the appeal of trading perpetuals has always been clear. This approach empowers active participation in market dynamics, capturing opportunities during both rallies and downturns, while also enabling risk management through spread trading. These are important advantages over traditional spot trading embraced by sophisticated investors.

For me and many in my trading circle, FTX was the central crypto trading platform. In addition to getting rugged on FTX, the harder pill to swallow was the loss of the most efficient, productive trading environment we had ever used. This downfall sparked an immediate search for an alternative that could match the quality of service that we had enjoyed on FTX. I needed this platform to exist for both my personal and professional trading. We tried numerous centralized and decentralized crypto trading platforms. Yet, none of them met our expectations.

This massive gap in the market led to the creation of Rails. Together, my co-founders Megha Bambra, Rick Marini, Brent Vegliacich, and I set out to establish the premier, self-custodial perpetuals exchange. Our technological vision combines the high-speed order execution of centralized compute with the security and user control of decentralized custody, utilizing zero-knowledge proofs to safeguard user funds. This is the best approach to match speed with security.

After a year of dedicated effort, we are transitioning from a project to a company. I am proud to share that we closed a $6.2 million USD Seed Round, led by Slow Ventures and receiving strong support from CMCC Global, Round13 Capital, and Quantstamp. The participation of influential angels in this round is particularly gratifying and we thank all of our investors for their support.

As we prepare to onboard the initial private capital in May and target a full public launch later this summer, our journey is just beginning. There is a considerable amount of work ahead, but the path we are on is not just about rebuilding the industry; it's about setting new standards in the world of digital asset trading. We are incredibly excited for the future of Rails.

Thank you,

Satraj