Vega Protocol, a fully decentralized trading technology platform, has just announced it has successfully concluded a seed round and raised more than million. The funding round was led by Pantera Capital and also had a few others as participants, including Xpring (Ripple), Focus Labs, Rockaway Blockchain, KR 1, Hashed and RSK Ecosystem Fund, among others.According to a press release, Vega’s aim is to provide a blockchain network that will allow traders to make beneficial moves for derivatives, in a non-custodial manner. This will easily be achieved with the Vega protocol’s ability to restructure the large derivatives markets worth many trillion dollars, in such a way that it can operate autonomously over several peer-to-peer networks, “with investment bank-grade risk management
Topics:
Tolu Ajiboye considers the following as important: Bitcoin (BTC), Blockchain News, Companies, crypto derivatives, Cryptocurrencies, derivatives trading, focus labs, hashed, kr 1, News, pantera capital, rockaway blockchain, rsk ecosystem fund, Trading, vega, Xpring
This could be interesting, too:
Temitope Olatunji writes X Empire Unveils ‘Chill Phase’ Update: Community to Benefit from Expanded Tokenomics
Bhushan Akolkar writes Cardano Investors Continue to Be Hopeful despite 11% ADA Price Drop
Bena Ilyas writes Stablecoin Transactions Constitute 43% of Sub-Saharan Africa’s Volume
Chimamanda U. Martha writes Crypto Exchange ADEX Teams Up with Unizen to Enhance Trading Experience for Users
Vega Protocol, a fully decentralized trading technology platform, has just announced it has successfully concluded a seed round and raised more than $5 million. The funding round was led by Pantera Capital and also had a few others as participants, including Xpring (Ripple), Focus Labs, Rockaway Blockchain, KR 1, Hashed and RSK Ecosystem Fund, among others.
According to a press release, Vega’s aim is to provide a blockchain network that will allow traders to make beneficial moves for derivatives, in a non-custodial manner. This will easily be achieved with the Vega protocol’s ability to restructure the large derivatives markets worth many trillion dollars, in such a way that it can operate autonomously over several peer-to-peer networks, “with investment bank-grade risk management processes.”
Pantera Capital partner, Paul Veradittakit, hopes that Vega will ensure that the financial status quo will be disrupted by the company’s plan to use blockchain for improved financial inclusion. Veradittakit said:
“In Vega, we see a project with the potential to disrupt and transform the financial landscape with decentralized margined products. The team’s vision for the future of finance is a level playing field in which all people can participate. That vision is integral to the blockchain ethos and represents everything we are fighting to enact.”
Currently, the Vega team is working hard on concluding the development and testing of the core protocol’s first version. Also, the firm is passionate about carrying the sector on its back and has begun several endeavors targeted at helping the decentralized blockchain and trading community.
These efforts include the engagement of several players including traders, developers, and other partners. Vega hopes that very soon, the private test network for margin trading which is currently being worked on using makeshift assets will soon be ready for launch and hopefully be released to the public a little later.
As part of its disruptive efforts, Vega also hopes to remove control as much as possible, from middlemen in the industry. Vega Holdings Limited founder and shareholder, Barney Mannerings, has highlighted this saying:
“We support the right to collaborate and trade freely. Privileged institutions and gatekeepers have for too long kept the financial system rigid and rigged in their favor. It is neither desirable nor necessary for market participants to be subject to profiteering, monitoring, and control by those privileged institutions.”
Vega is a layer-2 platform that seeks to provide solutions to other usual problems that are constantly seen with decentralized networks that use layer-1 blockchains. The protocol promises a more cost-effective trading system which significantly reduces operational costs, especially when compared with other traditional methods.
Furthermore, the release states that the Vega protocol offers a “bespoke sidechain optimized for trading”, which promises to execute all activity up to 100 times faster than is available on other blockchains.
The Vega team promises that the firm will be a big enough catalyst to support the growth of the decentralized trading sector, via its team of experienced players in the fields of cryptography, strategy, blockchain, trading, business development, market infrastructure, as well as software engineering.