Vega, A DeFi Derivatives Protocol raised $43 million from CoinList token sale

The Decentralized derivatives trading protocol Vega stated on Tuesday that it had raised $43 million through community token sales on CoinList. The Gibraltar-based project was launched in 2019. It is expected that it will be commercialized in the fourth

quarter of this year. It is a secondary solution for decentralized derivatives trading. Vega’s software will allow users to manage the derivatives market under pseudonyms. According to the team, it includes futures, swaps, and options, which comply with relevant regulations and eliminate financial intermediaries. Approximately 21,000 independent members participated in the Vega CoinList token sale, the latest in a series of attractive promotions on the platform.

What’s More?

Although, Vega’s founder Barney Mannerings stated that the log does not collect any information about its users; he firmly believes that users are usually early adopters. A lot of them are very much interested in decentralized finance (DeFi) and cryptocurrency. Also, they are the members of Vega’s Discord community which is unstoppably growing with each passing day. However, Due to government restrictions, residents of the United States or Canada cannot take part in token sales.

Recently, Mannerings stated that it doesn’t matter whether the restrictions are there or not, it will not hinder the growth, success, and viability of Vega as a protocol and network. The successful development of the Vega community shows that the market is increasingly interested in DeFi. The emergence of such agreements for Vega gives new hope for decentralized finance. This is because it provides great alternatives to all the traditional financial products from derivatives markets to structured products.

Mannerings also talked about how once the launch of the first network is done, funds from the Vega token sale will be used to improve the protocol. Vega raised US$5 million in the first round of financing led by Pantera Capital in 2019. Additionally, it raised US$5 million in 2020 to develop it in a funding round. The round included Arrington XRP Capital and Coinbase Ventures.