Rails, a decentralized exchange platform, has raised USD 6.2 million led by Slow Ventures, with participation from CMCC Global, Round13 Capital, and Quantstamp.

The company will use the funding to expand its engineering team and work towards full regulatory compliance. Rails plans to launch the platform in selective crypto-friendly countries in Q4 2024, after which it will focus on expanding its social features and entering partnerships with other blockchain companies to further develop the product.

Rails offers a non-custodial decentralized exchange that enables users to trade a number of cryptocurrency-based derivatives products. It provides a trading engine that offers high-frequency matching capabilities. Designed specifically for primarily institutional clients, the platform has accumulated just over 10 million in private capital placements and is due to commence beta testing in May.