Vertex Protocol Raises $8.5 Million to Launch First DeFi Forex Trading on Terra

Vertex Protocol Raises $8.5 Million to Launch First DeFi Forex Trading on Terra

Vertex Protocol‘s seed funding round has ended, with $8.5 million secured from investors. Hack VC led the round, which also included investors from Dexterity Capital, a leader in digital asset liquidity. Collab+Currency, GSR, Jane St., Hudson River Trading, Huobi, JST Capital, Big Brain, and Lunatic Capital are among the other investors in the round.

The DeFi exchange, which will be the first of its type on the Terra blockchain, will provide crypto lending and trading services. Furthermore, the protocol has a hybrid trading infrastructure that allows users to place limit and market orders at the same time.

Vertex’s product is said to be designed around the foreign exchange and crypto derivatives markets. Terra users will be able to take advantage of leveraged forex options and broader access to liquidity pools thanks to the protocol’s custom-built stablecoin perpetual swap mechanism.

The seed fundraising round takes place ahead of the protocols’ debut later this year.

Additionally, Vertex and Dexterity are said to have formed a collaboration. Market cycles, tokenomics, and high-frequency trading facilities will all be discussed with the DeFi protocol.

“As one of the largest liquidity providers in crypto, we recognize the potential of this protocol to contribute towards a vibrant market for investors worldwide. We believe these products have a place in many DeFi portfolios, which is why we’re taking an approach to investment that will help ensure liquidity and growth for Vertex far beyond launch,” Managing Partner at Dexterity Capital Michael Safai said.

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