NEAR-based Trading Protocol Veax Closes $1.2 Million Pre-Seed Round

Veax, a NEAR-based decentralized derivatives trading protocol, closed a $1.2 million pre-seed round with participation from Circle Ventures, Proximity Labs, Outlier Ventures, Tacans Labs, Qredo, and others.

Veax is an advanced single-sided liquidity management DEX natively on the NEAR blockchain with pioneering TradFi-empowered features.

The introduction of Veax enables a transition for users of the centralized exchange and traditional finance to test it out in DeFi by bridging traditional finance features with effective liquidity deployment and flexibility offered by decentralized infrastructure.

James Davies, Chief Product Officer of Veax, said:

“Veax is set out to be built differently than other existing DEXs. With one of the most experienced teams of DeFi and Blockchain experts, the project aims to significantly upgrade decentralized cryptocurrency trading by bringing proven successful TradFi concepts to DeFi for the first time. The architecture behind is supported by in-depth research and theories developed by industry veterans.”

Veax is currently on track to release both the research paper on the adaptable liquidity pool and their v1 Testnet in early December, as per their roadmap. Future plans call for the project to go live on mainnet by the end of the year and for a public token sale for Q1 2023.

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