Vertex Protocol, a Singapore-based decentralized FX trading platform, closed $8.5m in Seed funding.
Backers included Hack VC, and the venture arm of Dexterity Capital, with participation from Jane Street and Hudson River Trading, as well as GSR, Huobi, Collab+Currency, JST Capital, Big Brain and Lunatic Capital.
The company intends to use the funds to scale the protocol’s technological and operational footprint ahead of its Mainnet launch planned in Summer 2022.
Established by a team of Traders and Engineers with a track record of business building in both TradFi and DeFi markets, including Alwin Peng, Vertex Protocol is a decentralized FX protocol for multi-currency spot and derivatives trading. It will offer a range of leveraged FX products, based around Terra’s stablecoins, enabling crypto-natives to trade, pool, borrow and lend currencies via stablecoins in a similar fashion to their TradFi counterparts.
Vertex recently completed its Testnet phase, with participation from over 75,000 individual users.