Primex Finance, an ecosystem that advances liquidity management for spot and leveraged trading, shares the details of its seed funding round and announces the goals of its first iteration.
Primex Finance completes funding round with $5.7 million raised
According to the press release shared with U.Today by the team behind Primex Finance platform, its seed funding round has concluded successfully.
What is Primex Finance? Check out our recent posting that explains what Primex Finance is and the problems it solves!https://t.co/50GrT2692F— Primex.finance (@primex_official) January 25, 2022
The round yielded the contributions of top-tier VCs: Stratos Technologies and CoinFund co-led this funding, with Hypersphere, GoldenTree Asset Management, Wintermute, GSR, LedgerPrime, NxGen, Mask Network, Pragma Ventures, Morningstar Ventures, HG Ventures, Formless Capital, Peech Capital, ZBS Capital, Mapleblock and Magnus Capital also backing the platform in its fundraising efforts.
Besides venture investing conglomerates, a clutch of high-profile business angels also supported Primex Finance with their funding and expertise. In all, the protocol amassed $5.7 million from VCs and angel investors.
Dmitry Tolok, Primex Finance co-founder and VP of Growth, is excited by the attention his product garnered among Web3's investing heavyweights:
We are excited to have such enormous support from some of the world’s leading investors, trading organizations, and market makers from around the globe. Having such great partners and expertise onboard will help Primex Finance close the gap between the two biggest DeFi use cases: lending and decentralized exchanges, as well as enabling advanced trader tooling in a truly decentralized way.
Inaugural version release around the corner
With fresh funding, the team of Primex Finance is going to roll out its first version. From the very first days of its operation, it will establish liquidity bridges between DEXes on major smart contracts platforms.
Rennick Palley, chief investment officer at Stratos Technologies, is certain that Primex Finance has all chances to offset the gap between DeFi and TradFi:
Primex is a game changer for those looking to run a levered portfolio without going through a centralized exchange or a collateralized lending protoco. Primex replicates many of the capabilities of TradFi prime brokers, but in a way that is composable with other protocols, especially DEXs, and consistent with the philosophy of DeFi.
Primex Finance's liquidity providers can utilize their liquidity for leveraged trading on mainstream DEXes even with basic expertise in cryptocurrencies and trading.