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In CoinList Token Sale, DeFi Derivatives Protocol Vega Raise...
News

In CoinList Token Sale, DeFi Derivatives Protocol Vega Raises $43M

Decentralized derivatives trading protocol Vega raised $43 million in a community token sale on CoinList. Some 21,000 unique participants took part in the offering, just the latest in a string of splashy raises on the platform.

Vega’s software will allow users to pseudonymously spin up markets for derivatives, including futures, swaps, and options while abiding by relevant regulations and removing financial middlemen, the team said. This is a layer 2 solution for trading derivatives in a decentralized fashion.

Protocols like Vega are emerging to offer DeFi alternatives to traditional financial products, from derivatives markets to structured products. Mannering’s told CoinDesk the money generated from Vega’s token sale will be used to improve the protocol once the first main net is live.

In 2019, Vega raised $5 million in a seed funding round led by Pantera Capital, and in 2020 raised an additional $5 million to develop the protocol in a funding round that included Arrington XRP Capital and Coinbase Ventures. Vega’s successful community raise is indicative of the growing market interest in DeFi.

<Source: Coindesk>

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