Vertex Protocol has raised $8.5M to bring forex trading to Terra
Vertex Protocol, a decentralized foreign exchange platform, announced on Tuesday that it had raised $8.5 million in seed funding.
Hack VC and Dexterity Capital led the round, with Collab+Currency, GSR, Jane St., Hudson River Trading, Huobi, JST Capital, Big Brain, Lunatic Capital, and other strategic angels also participating. Notably, Dexterity Capital and a number of other trading firms will become strategic partners to Vertex, providing advice on tokenomics, market structure, and high-frequency trading resources.
Vertex has just finished its Testnet phase, which included over 75,000 users. In preparation for its summer 2022 launch, the fresh funds will be used to expand the team, scale the protocol, and develop a strong backend.
Alex Pack, Managing Partner at Hack VC, commented: “I’ve been fortunate to invest in many projects that have contributed to the maturation of crypto. Vertex’s innovative approach to a novel challenge has the potential to vastly improve how investors protect the value of their DeFi investments. It will be exciting to see how these products help our market continue to grow and take its place in the future of finance.”
What is Vertex Protocol?
Terra's stablecoins are used on the exchange to provide decentralized finance (DeFi) services. Its main offering is its own forex and cryptocurrency derivatives markets. Its products will be integrated with TerraUSD (UST), but it also intends to use stablecoins for the Chinese yuan, euro, and British pound to provide greater utility to currencies other than the dollar, as the team saw a need for users outside of US markets to interact with DeFi.Users can trade, pool, borrow, and lend these foreign currencies through Vertex. Additionally, buy perpetual swaps to reduce currency risk. The protocol hopes that these features will entice traders from the $5 trillion FX markets to begin interacting with DeFi on their platform.
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