We’re thrilled to announce that we’ve raised more than $5M in a strategic seed round. The round was led by Pantera Capital, whose mission to facilitate the transition to more inclusive capital markets is aligned with ours.
We’re also hugely grateful for the support of others in our family of backers including Xpring (Ripple), Hashed, NGC Ventures, gumi Cryptos Capital, Rockaway Blockchain, KR1, Eden Block, Focus Labs, Greenfield One, Monday Capital, RSK Ecosystem Fund, and a select group of private investors.
This is a big milestone for Vega, and it will help us achieve our goal of designing and implementing a protocol for safe and non-custodial decentralised margin trading. Using Vega’s software, traders will be able to operate and participate in peer-to-peer markets that guarantee open access, transparent rules, and the freedom to innovate. The decentralised nature eliminates the rent-seeking middlemen endemic to traditional capital markets and enables global access to financial tools.
Vega is a layer-2 solution designed to avoid the performance and market fairness problems associated with decentralised markets built on layer-1 blockchains like Ethereum or Bitcoin.
More key innovations include:
- a fully automated end-to-end trading system that dramatically cuts operational overheads versus traditional trading operations
- a protocol that incentivizes market creators and market makers with significant rewards from fees paid by other participants for launching liquid markets
- a bespoke sidechain optimized for trading, with 10–100x faster execution than similar protocols on general-purpose blockchains
- a framework for creating and customizing products that give every participant the freedom to build new financial instruments and markets
“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.”
— Barney Mannerings, founder and shareholder of Vega Holdings Limited
Currently, we’re focused on completing and testing the first version of the core protocol, and growing our community of developers, traders, researchers, and general enthusiasts.
Over the coming months, we’ll share more details about the protocol’s validator and staking model, its market-making incentives, and the APIs that will be available to traders. These features ensure security, reward participants who create markets and provide liquidity, and enable developers to build the Vega ecosystem. You can also expect to read our research on decentralised market fairness and trading-optimized consensus protocols.
Check our Twitter and forums (community.vega.xyz) for details on the conferences and global events we’ll be attending, and the meetups and round tables we’re hosting. The forums are also a great place to meet other community members and chat about Vega, or decentralisation in general. We’d love to get to know you better.
If you’re free at 4pm UTC+1 on the 4th of October, some of the builders and designers of the protocol will be doing an AMA on the community forum. You can drop your questions in ahead of time, too.