October 2: Xpring invests in Vega Protocol

Vega Protocol is an open, blockchain-backed public network for fully automated end-to-end trading and execution of financial products. The decentralised network, secured with proof-of-stake, will facilitate fully automated, end-to-end margin trading and execution of complex financial products.

According to a Medium announcement on October 2nd, Vega raised more than $5M in a strategic seed round. The round was led by Pantera Capital and supported by Xpring (Ripple), Hashed, NGC Ventures, gumi Cryptos Capital, Rockaway Blockchain, KR1, Eden Block, Focus Labs, Greenfield One, Monday Capital, RSK Ecosystem Fund and select private investors.

This will help Vega design and implement 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.”

You can find more information on what Vega will be working on here.