Decentralized Forex platform Vertex Protocol has raised $8.5 million in seed funding to widen decentralized finance lending including terraUSD.
LUNAUSD is down -5.9%
The announcement notes that the funding round was led by Hack VC, Jane Street, Hudson River Trading, among other firms.
The company reportedly plans to use the fund to create teams, scale the protocol, and establish a strong backend before its launch in the Summer of next year.
Vertex’s operations manager, Conor McNamee, says that most of the platform’s customers prefer using their local currency, especially for firms or trading funds.
Vertex Protocol offers decentralized finance services through Terra’s stablecoins. The platform offers stablecoins for yuan, euro, and British pound on top of terraUSD.
The company enables users to pool, exchange or lend their foreign cryptocurrencies with the options of perpetual swaps to hedge against risks.
Ethereum-based Synthetix is another protocol that provides users with synthetic digital asset lending and trading with the synth sEUR, a euro-linked token.