Veax, a decentralized derivatives trading protocol on NEAR, raises $1.2 million ahead of its launch amid collapse of global centralized finance

• $1.2 million pre-seed funding round with Circle Ventures, Proximity Labs, Tacans Labs, Outlier Ventures, Skynet Trading and Qredo

• Built differently than other DEXs with reinvented features including Adaptable Liquidity Pool and True Margin Leveraged Trading for efficient use of capital

• Registered in Zug, Switzerland, the Crypto Valley, and backed by a team of Blockchain, TradFi and DeFi experts in Ukraine, Portugal and the UK

Web3 venture builder Tacans today unveils its latest project, a traditional finance (TradFi) backed decentralized exchange (DEX) on the near protocol, Veax. Leveraging the robustness of the near-blockchain, Veax is designed to provide a rich suite of TradFi functionalities with an innovative DEX architecture developed by a team of blockchain talents in Ukraine, Portugal and the UK.

Instead of the recent collapse of several centralized finance (CeFi) giants, DeFi’s lack of confidence is being called out by traders and investors as they face potential bankruptcies and leveraged reserve issues at CeFi lately. The launch of Veax seamlessly blends traditional finance functions with efficient liquidity provisioning and flexibility provided by the decentralized infrastructure, enabling a transition for the centralized exchange and traditional finance users to test in DeFi.

An innovative way to deploy capital

Veax’s architecture is based on research by Roger Wattenhofer, consultant to Veax and computer science professor at ETH Zurich. The team’s goal is to invent an entirely new multi-fee level structure. With this state-of-the-art structure, Veax will be the first DeFi platform to offer adaptable liquidity pools, allowing liquidity providers to optimize capital deployment and maximize returns over the long term.

James Davies, Veax’s chief product officer, said that Veax will be built differently than other existing DEXs. With one of the most experienced teams of DeFi and blockchain experts, the project aims to significantly improve decentralized cryptocurrency trading by bringing proven successful TradFi concepts to DeFi for the first time. The architecture behind it is backed by in-depth research and theories developed by industry veterans.

Mathias Lundoe Nielsen, CEO of Veax and Tacans stated: We believe that DeFi will help shape the future blockchain economy. It is part of the team’s mission to challenge existing boundaries and reinvent ways to make better use of financial resources.

Recognized by influential industry players

Veax, along with Tacans Labs, Qredo, Skynet Trading, Seier Capital and Widjaja Family, has successfully raised a $1.2 million round of pre-seed funding from prominent Web3 investors, including a strategic investment by Circle Ventures, Proximity Labs and Outlier Ventures. The team also has some of the industry’s most influential names in blockchain, such as the founder of Saxo Bank and Concordium Blockchain, ex-COO of Skype, and professors of blockchain research and computer science sitting on their advisory board.

There is tremendous opportunity in optimizing on-chain trading infrastructure, said Juan Lopez, investment team at Circle Ventures. We are excited to invest in VEAX, a DEX with a focus on capital efficiency. In novel Layer 1 networks such as NEAR, teams can innovate and introduce concepts such as adaptive liquidity aimed at achieving lower fees for traders and greater productivity of the capital provided by LPs.

Jamie Burke, Founder and CEO of Outlier Ventures states, “Outlier Ventures is proud to support the team behind Veax, which is focused on developing products to help shape the future blockchain economy. We are really impressed with the depth and knowledge as well as the concept of their product. We look forward to working with the team and seeing them make waves in the NEAR ecosystem and the broader DeFi scene.”

Adds Kendall Cole, Director of Proximity Labs, “The need for robust decentralized exchanges has never been more evident. VEAX aims to deliver a unique solution to the liquidity problem and its launch will establish itself and NEAR as a crucial DeFi infrastructure at a critical time.

According to their roadmap, Veax is currently on track to launch its v1 testnet and adaptive liquidity pool research paper in early December. Going forward, the project will launch on mainnet by the end of the year and the public token sale is scheduled for Q1 2023. More information about the project can be found in the Projects Litepaper: here.

– ends –

About Veax

Veax is an advanced one-way liquidity management DEX native to the NEAR blockchain with breakthrough TradFi-powered capabilities. The core members of the project, which is being invested by Circle Ventures, Tacans Labs and various capitals, are award-winning entrepreneur Mathias Lundoe Nielsen and industry veterans James Davies, Ivan Ivaschenko and Marie Tatibouet. The team is currently working to launch the platform on mainnet by Q1 2023.

For more information, visit: veax.com

About Tacan’s Labs

Co-founded by Danish entrepreneurs Lars Seier Christensen, founder of Saxo Bank and Concordium Blockchain, and Mathias Lundoe Nielsen, an award-winning serial entrepreneur with multiple tech ventures, Tacans Labs is the DeFi arm of Tacans; a Web3 venture builder that has invested in the future blockchain economy by building, funding and acquiring cutting-edge Web3 companies. Launched in 2021, the group’s portfolio consists of seven multi-sector Web3 companies with an aggregate valuation of over $63 million.

For more information, visit: tacans.com

Media inquiries please contact:

Marie Tatibouet [email protected]

COMTEX_419098696/2805/2022-11-17T07:59:43

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers