back Back

Swiss FinTech Veax scores $1.2M pre-seed investment

By Gloria Methri

November 24, 2022

  • Bitcoin
  • DeFi
  • DEX
Share

Veax, Decentralised tradingVeax, a Swiss-based FinTech that offers a traditional finance-empowered decentralised exchange (DEX), has raised $1.2 million in pre-seed investment.

The round was backed by a string of Web3 investors including Circle Ventures, Proximity Labs, and Outlier Ventures, together with Tacans Labs, Qredo, Skynet Trading, Seier Capital, and Widjaja Family.

Founded in 2022, Veax is an advanced single-sided liquidity management DEX natively on the Near blockchain with TradFi-empowered features. The company is looking to use the funds to launch its platform and expand operations and business reach.

“There is tremendous opportunity in optimizing on-chain trading infrastructure,” said Juan Lopez, the 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 like NEAR, teams can innovate and introduce concepts like adaptable liquidity which aim to drive lower fees for traders and higher productivity to capital supplied by LPs.”

Jamie Burke, Founder, and CEO at Outlier Ventures said, “Outlier Ventures is proud to be backing the team behind Veax who are focused on building products to help shape the future economy of blockchain. We are really impressed by the depth and knowledge as well as the concept of their product. We are excited to work with the team and are looking forward to seeing them making waves in the NEAR ecosystem and wider DeFi scene.”

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

Veax is currently on track to launch its v1 Testnet in early December and the research paper on the adaptable liquidity pool.

Previous Article

November 24, 2022

Hantec Financial expands into African markets with new global trading opportunities

Read More
Next Article

November 24, 2022

Icelandic telco Síminn ventures into payments with Enfuce credit cards

Read More






IBSi Daily News Analysis

Data privacy

July 16, 2024

Bitcoin

Rise in sophisticated attacks, state-level threats, and increased ransom DDoS Incidents

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 17, 2024

FIS & Lendio launch ‘SMB Digital Lending’ to boost small business loan processes

Read More

July 17, 2024

Invest Blue taps GBST for its WealthConnect practice management solution

Read More

July 16, 2024

Thinslices partners with SaaScada

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024