Swiss FinTech Veax scores $1.2M pre-seed investment
By Gloria Methri
Veax, 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.
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