Vega, a decentralized trading technology startup, secured $5 million in a seed funding round led by Pantera Capital. The other backers include Ripple’s Xpring, Hashed, NGC Ventures, Gumi Cryptos Capital, Greenfield One, Monday Capital, and RSK Ecosystem Fund.
Paul Veradittakit, Partner at Pantera Capital, praised Vega, saying that the project has the potential to disrupt and transform the financial landscape with decentralized margined products. Vega aims to design and implement a protocol for safe and non-custodial decentralized margin trading.
Vega’s software promises to eliminate the rent-seeking middlemen endemic for traditional capital markets and enable global access to financial tools. 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.
Barney Mannerings, founder and shareholder of Vega Holdings Limited, said, “We support the right to collaborate and trade freely. Privileged institutions and gatekeepers have for too long kept the financial system rigid and rigged in their favor.”
He further added that it is neither desirable nor necessary for market participants to subject to profiteering, monitoring, and control by those privileged institutes. Over the coming months, the company will share more details about the protocol’s validator and staking model, its market-making incentives, and the APIs that will be available to traders.
Let us know in comments, what do you think about the blockchain startup and its potential?