2021-03-22 23:20:14
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Vega Protocol, which is building a decentralized network for trading derivatives, recently raised an additional $ 5 million in a new round of funding.
According to The Block, the funding round was led by Arrington Capital and Cumberland DRW with the participation of many ‘big’ like Coinbase Ventures, ParaFi Capital, CMS Holdings and several other large companies.
Founder Barney Mannerings says Vega has raised a substantial amount of money through the token sale. With new funding in hand, Vega will continue to develop the protocol and hope to launch the mainnet this summer.
Vega claims to be building a capital-efficient decentralized derivatives trading protocol that allows anyone to create and launch the derivative market.
“Capital efficiency,” which means the investor’s capital is used most effectively, and the protocol that doesn’t need any extra funds is locked for returns more than it should be, Mannerings said.
“This is extremely important for traders because the cost of capital to fund a position can make the difference between whether it’s worth trading or not,” Mannerings said.
There are currently about 25 people working for Vega and the project is looking to expand its engineering groups and communities even further.
Thus, after receiving an additional 5 million USD, the current funding amount for Vega is about more than 10 million USD.
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