Vertex Protocol Secured $8.5 Million To Deploy DeFi Forex Trading on Terra
California-based crypto investment company Hack VC led the round alongside investors from digital asset liquidity heavyweight Dexterity Capital. Other participants in the funding round include Collab+Currency, GSR, Jane St., Hudson River Trading, Huobi, JST Capital, Big Brain, and Lunatic Capital.
Excited to announce our $8.5M Seed led by @hack_vc and @DexterityCap, alongside an all-star list of key investors 🚀
We’re one step closer to bringing the power of FX markets, leveraged products and advanced #DeFi primitives to @terra_money.
And we’re just getting started 🏔 pic.twitter.com/bq5EPHpFSr
The DeFi exchange plans to operate as the first of its kind on the Terra blockchain, offering crypto lending and trading facilities. In addition, the protocol boasts a hybrid trading infrastructure that allows users to simultaneously place limit and market orders.
Notably, Vertex has supposedly built its product around the foreign exchange and crypto derivatives markets. The protocol plans to deploy its custom-built stablecoin perpetual swap technology to offer Terra users leveraged forex offerings and wider access to liquidity pools.
The seed funding round comes ahead of the protocols scheduled to launch later this year.
Vertex Strikes Key Parterneship With Dexterity Capital And Other Angel Investors
Furthermore, Vertex and Dexterity have supposedly reached a partnership agreement. The DeFi protocol will receive advice regarding market cycles, tokenomics, and high-frequency trading facilities.
Commenting on the strategic investment and agreement between the two entities, Managing Partner at Dexterity Capital Michael Safai opined that the protocol’s utility extends to the broad DeFi space and could be an important solution to combat currency volatility. Safai added that:
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
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