Vega, a Gibraltar-based decentralized trading technology startup, raised more than $5M in seed funding.
The round was led by Pantera Capital, with participation from Xpring (Ripple), Hashed, NGC Ventures, gumi Cryptos Capital, Rockaway Blockchain, KR1, Eden Block, Focus Labs, Greenfield One, Monday Capital and RSK Ecosystem Fund.
Led by Barney Mannerings, founder, Vega is building tools that guarantee the freedom to trade and make capital markets available to everyone through a protocol for creating and trading derivatives on a fully decentralized network. Traders can use the Vega protocol pseudonymously and be rewarded by other participants for creating new products and providing liquidity.
Vega is a layer-2 solution designed to avoid the performance and market fairness problems associated with decentralized markets built on layer-1 blockchains like Ethereum or Bitcoin.
At present, the company is focused on completing and testing the first version of the core protocol. The team is also launching community-focused initiatives to engage developers, traders, and ecosystem partners. The first private test network demonstrating margin trading with test assets is expected to launch imminently, and expand into a publicly available testnet soon after.