Decentralized derivatives trading protocol Vega has closed a $5 million funding round with contributions from a number of venture capital and trading firms such as Arrington Capital and Coinbase Ventures.
- Gibraltar-based Vega Protocol said investors include Cumberland DRW, ParaFi Capital, Signum Capital, CMT Digital, CMS Holdings, Three Commas, GSR, SevenX Ventures, ZeePrime Capital and more.
- The funding will go toward mainnet launch as Vega becomes the "first institutional-grade derivatives trading protocol" and will support its mission to "democratize markets" by allowing anyone to launch a derivatives market, said the firm.
- For high-volume derivatives trading, it would remove "centralized gatekeepers," reduce fees and allow instant settlement, Vega added.
- "By allowing anyone to create and launch a derivatives market, we aim to give people the tools they need to hedge risks unique to their region, profession, or situation," said Vega founder Barney Mannerings.
- In October 2019, Vega announced it had secured a $5 million seed round led by Pantera Capital. Other investors included Rippleâs Xpring, Hashed and KR1.
