Derivatives Trading Protocol Vega Raises $5M From Coinbase, Arrington and More

Decentralized derivatives trading protocol Vega has closed a $5 million funding round with contributions from a number of venture capital and trading firms such as Arrington Capital and Coinbase Ventures.

• Gibraltar-based Vega Protocol said investors include Cumberland DRW, ParaFi Capital, Signum Capital, CMT Digital, CMS Holdings, Three Commas, GSR, SevenX Ventures, ZeePrime Capital and more.
• The funding will go toward mainnet launch as Vega becomes the "first institutional-grade derivatives trading protocol" and will support its mission to "democratize markets" by allowing anyone to launch a derivatives market, said the firm.
• For high-volume derivatives trading, it would remove "centralized gatekeepers," reduce fees and allow instant settlement, Vega added.
• "By allowing anyone to create and launch a derivatives market, we aim to give people the tools they need to hedge risks unique to their region, profession, or situation," said Vega founder Barney Mannerings.
• In October 2019, Vega announced it had secured a $5 million seed round led by Pantera Capital. Other investors included Ripple’s Xpring, Hashed and KR1.

Read more: Pantera Leads $5 Million Round for Decentralized Derivatives Market