FX trading platform that soon starts secures seed financing of USD 8.5 million

FX trading platform that soon starts secures seed financing of USD 8.5 million

VERTEX Protocol, a decentralized FX protocol for spot and derivate trade in several currencies, has completed a seed financing round of $ 8.5 million before its planned start this summer.

VC Hacken , The 200 million dollar-crypto-start capital Fonds led the round. Other investors are Jane Street, Hudson River Trading, GSR and Huobi.

"We are pleased to work with some of the leading trading companies in the industry in addition to VC partners with well-founded knowledge in the scaling of new protocols," said Alwin Peng, co-founder of Vertex. "The capital and expertise provided will help to advance our team and to bring Vertex to the top [Multi-Currency] Defi innovation."

At the moment there are more than 99 % of defi liquidity (decentralized finances) in stable coins bound to US dollars, said a spokesman for Vertex. While non-ISD stable coins exist, no practicable protocol allows trade between different fiat-bound tokens, which has hindered acceptance and benefits, the spokesman added.

International dealers who want to secure the currency risk between defi investments and their local currencies that want to secure the currency risk currently have few options for liquidity, and the Vertex team hopes to change this.

"As one of the largest liquidity providers in the crypto area, we recognize the potential of this protocol to contribute to a lively market for investors worldwide," said Michael Safai, Managing Partner at Dexterity Capital. "We believe that these products have a place in many defi portfolios, which is why we pursue an investment approach that will help to ensure liquidity and growth for vertex far beyond market launch."

Vertex plans to be the first decentralized trading protocol on the Terra blockchain, which operates an on-chain order book with the automated market maker framework (AMM). The protocol hopes as soon as it has been introduced to offer the dealers permanently swap offers and borrowing and rental facility with flexible security options.

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The contribution will soon start FX trading platform $ 8.5 million in seed financing is not a financial advice.