Rails Raises $6.2M for Decentralized Crypto Exchange to Fill Void Left by FTX Collapse

Rails raised $6.2M to build a decentralized crypto exchange to fill the void left by FTX's collapse in 2022. It aims to provide both centralized and decentralized infrastructure.

Rails highlights safety of customer deposits and crypto derivatives trading, which institutions have lacked since FTX went under.

It plans to open its exchange to select beta testers in May before a full launch in September/Q4 2022. It won't be available in the US initially.

Rails will educate users on self-custody of assets so they fully control their funds, unlike FTX. It aims to bridge centralized computing with decentralized asset custody.

After launch, Rails aims to expand social features, leaderboards, and partnerships to further develop the product. Its co-founders previously sold a crypto startup to Coinsquare.