Rails – a self-custodial crypto exchange that enables users to trade perpetuals while maintaining self-custody – announced a $6.2 million seed round led by Slow Ventures, CMCC Global, Round13 Capital, and Quantstamp. Rails’ trading engine combines high-speed matching capabilities with a user-friendly interface and a complete set of trading tools designed for sophisticated traders. This combination enables lightning-fast trades.
Due to FTX’s downfall, the crypto market has experienced a massive void, diminishing trader confidence in centralized exchanges. However, as the market surges, the demand for crypto derivatives trading is challenging. Rails aims to address this issue by protecting user funds and securing user trust through transparent self-custody on the blockchain.
The technical founding team behind Rails comprises seasoned entrepreneurs with decades of experience, having previously founded five companies (all with successful exits). Satraj Bambra (co-founder and CEO of Rails) has a wealth of product and trading experience as a Managing Partner and CIO at Round13 Capital (Canada’s largest crypto-native fund). Megha Bambra (co-founder and CTO) was the former VP of Engineering at Grindr and CTO at StellarX, with extensive technical experience in full-stack software engineering.
Satraj and Megha previously built and sold one of the earliest decentralized exchanges. Rick Marini (co-founder, President, and COO) has decades of operating expertise as a successful three-time founder and highly accomplished Silicon Valley investor with a strong track record in crypto investments since 2014. Marini recently took Grindr public on the NYSE as COO, with a market cap of $2 billion.
KEY QUOTES:
“I’ve looked at dozens of companies trying to replace FTX, and Rails has built the best solution from a product and technical standpoint, complemented by a highly experienced management team. Rails is poised to disrupt the crypto derivatives trading industry, providing traders with the tools and security they need to succeed in today’s fast-paced markets.”
– Sam Lessin, General Partner at Slow Ventures
“I was a power user of FTX, both professionally and personally. I knew that a replacement was desperately needed but also recognized that we must ensure the trust, security, and safety of our users’ funds through self-custody. We utilize a centralized order book to drive the best execution combined with a decentralized solution for self-custody on the blockchain. This ensures that traders always have full control over their funds, without sacrificing speed or efficiency.”
– Satraj Bambra, Co-Founder and CEO of Rails
