Pantera Capital Leads $5M Seed Round of Decentralized Derivatives Startup

Pantera Capital has led a $5 million strategic seed spherical of decentralized derivatives protocol Vega.

According to the announcement revealed on Oct. 3, the spherical included individuals equivalent to Ripple’s funding arm Xpring, Hashed, NGC Ventures, gumi Cryptos Capital, Rockaway Blockchain, KR1, Eden Block, Focus Labs, Greenfield One, Monday Capital, RSK Ecosystem Fund, alongside a bunch of unnamed personal buyers.

Against “profiteering, monitoring, and control” by privileged actors

Per the announcement, Vega is at present targeted on designing and implementing its core protocol for safe and non-custodial decentralized margin buying and selling. 

The software program goals to disintermediate derivatives buying and selling — within the firm’s phrases, to eradicate the “rent-seeking middlemen endemic to traditional capital markets” and change them with peer-to-peer mechanisms.

As a Layer-2 answer, the system can be designed in another way than current decentralized markets primarily based on Layer-1 blockchains equivalent to Bitcoin (BTC) and Ethereum (ETH). In a press release, Vega Holdings founder and shareholder Barney Mannerings emphasised:

“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 favour. It is neither desirable nor necessary for market participants to be subject to profiteering, monitoring, and control by those privileged institutions.”

Decentralizing finance

The core improvements of Vega’s software program will reportedly embody a completely automated end-to-end buying and selling system designed to cut back operational overheads, rewards system for market creators and makers derived from charges paid by market individuals and a trading-focused sidechain with purportedly 10–100x sooner execution than general-purpose blockchain.

As Cointelegraph not too long ago reported, Pantera has simply participated in a $2.four million seed spherical for decentralized finance startup InstaDApp, the developer of a mediator sensible pockets layer that goals to cut back the price of conducting monetary transactions.

Ripple has additionally not too long ago acquired funds platform Logos Network. As a part of Xpring, the crew behind Logos can be exploring a DeFi system that’s set to leverage the XRP token.

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