Primex Finance Raises $5.7 Million in Seed Funding Led by CoinFund
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Primex Finance, a
decentralized prime brokerage liquidity protocol designed to offer
opportunities to trade freely and earn interest, has announced
that it raised a $5.7 million funding round led by CoinFund, a blockchain investment
firm, and Stratos Technologies, a venture capital firm. Other firms such as
HyperSphere, GoldenTree Asset Management, Wintermute, GSR, Ledgerprime, and
among other major venture capital firms and angel investors, also participated
in the funding.
Primex described
the funding as a major milestone on its roadmap towards addressing challenges
being experienced in the DeFi market. Primex plans to use the fresh funding to roll
out version one of its protocol to enable leveraged trading in cross-DEX
environments. In the initial stage, Primex plans to deploy version one of its
protocol on a select suite of chains to establish liquidity bridges between
DEXes on major smart contracts platforms.
Primex eventually plans
to launch DeFi features such as portfolio management for cryptocurrencies, margin
trading fees, trading pairs, and profits supporting yield farming, as well as a
seamless bridge between multiple DEXs to support leverage trading across
multiple chains.
Dmitry Tolok,
co-founder of Primex Finance, talked about the development and said: “In
developing Primex, our mission is to unite the two biggest DeFi use cases: DEXs
and lending, into a new ecosystem, as well as give access to margin trading in
a truly decentralized way. As we continue rolling out the protocol in phases,
our long-term goal is to have concepts pioneered by Primex bridge the gap
between traditional financial services and DeFi, resulting in new opportunities
within finance being open to everyone, regardless of social position, national
origin, or present location.”
Rennick Palley,
the chief investment officer at Stratos Technologies, said that the company
backed Primex because of the way it (Primex) replicates many TradeFi broker
capabilities in a manner that is composable with other protocols and consistent
with DeFi’s philosophy.
Primex Finance, a
decentralized prime brokerage liquidity protocol designed to offer
opportunities to trade freely and earn interest, has announced
that it raised a $5.7 million funding round led by CoinFund, a blockchain investment
firm, and Stratos Technologies, a venture capital firm. Other firms such as
HyperSphere, GoldenTree Asset Management, Wintermute, GSR, Ledgerprime, and
among other major venture capital firms and angel investors, also participated
in the funding.
Primex described
the funding as a major milestone on its roadmap towards addressing challenges
being experienced in the DeFi market. Primex plans to use the fresh funding to roll
out version one of its protocol to enable leveraged trading in cross-DEX
environments. In the initial stage, Primex plans to deploy version one of its
protocol on a select suite of chains to establish liquidity bridges between
DEXes on major smart contracts platforms.
Primex eventually plans
to launch DeFi features such as portfolio management for cryptocurrencies, margin
trading fees, trading pairs, and profits supporting yield farming, as well as a
seamless bridge between multiple DEXs to support leverage trading across
multiple chains.
Dmitry Tolok,
co-founder of Primex Finance, talked about the development and said: “In
developing Primex, our mission is to unite the two biggest DeFi use cases: DEXs
and lending, into a new ecosystem, as well as give access to margin trading in
a truly decentralized way. As we continue rolling out the protocol in phases,
our long-term goal is to have concepts pioneered by Primex bridge the gap
between traditional financial services and DeFi, resulting in new opportunities
within finance being open to everyone, regardless of social position, national
origin, or present location.”
Rennick Palley,
the chief investment officer at Stratos Technologies, said that the company
backed Primex because of the way it (Primex) replicates many TradeFi broker
capabilities in a manner that is composable with other protocols and consistent
with DeFi’s philosophy.
Cryptocurrency
