A company focused on the creation of a decentralized derivatives market called Vega Protocol was recently able to raise $5 million USD via it’s seed round. According to the official reports, the round was led by Pantera Capital, one of the largest crypto funds in the market. Other important investors were Ripple’s Xpring, KR1 and Hashed.
The goal of Vega Protocol is to create a platform in which people can trade in the derivative markets all around the world. The derivatives include swaps, futures, options and other investments.
According to the founder of the Vega Protocol, Barney Mannerings, there is a lot of value to be discovered on this platform. He also confirmed that the company would release more details about it’s token soon to explain how it would work.
Vega will work as a non-custodial layer 2 solutions. It is an ambitious project, but not properly an exchange, its founder affirmed, only a platform that will connect people who are interested in this market.
Mannerings also talked about how Vega is around 10 to 100 times faster than Ethereum. It is a newer network that uses better technology, so the results are pretty clear. He intends to create a platform in which people can create basically any kind of derivative product using it.
Many securities and other investments will be digitized in the future, so there is a lot of hype around this kind of project. Paul Veradittakit from Pantera Capital affirmed that the team has a good vision of the future. According to him, projects like this are integral to the development of the blockchain ethos and they represent what the company also believes.