Gibraltar-based Vega Protocol raised $5 million toward going live with what the company calls the “first capital-efficient, decentralized derivatives trading protocol that bridges traditional finance and decentralized finance,” better known as DeFi.
Arrington Capital and Cumberland DRW led the round. Other backers include Coinbase Ventures, ParaFi Capital, Signum Capital, CMT Digital, CMS Holdings, Three Commas, GSR, SevenX Ventures and Zee Prime Capital as well as the DeFi Alliance and a group of individuals.
This round follows Vega’s $5 million seed round, led by Pantera Capital, in October 2019. This latest funding gives Vega just over $10 million in venture-backed capital raised since being founded in 2018, Vega co-founder Barney Mannerings told Crunchbase News.
Mannerings met his co-founder Ramsey Khoury some years ago, and the two bonded around cryptocurrency, discussing investment in the space and the need for a decentralized protocol that would remove the middleman,...
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