Institutional investors are spending millions on Vertex Protocol and 0x Labs as capital inflows for altcoin investment products surged last week.
Vertex Protocol raised $8.5 million
Decentralized exchange platform Vertex Protocol announced on Tuesday that it has raised $8.5 million in early investment. According to the press release, the round was led by Hack VC, Dexterity Capital, Jane Street, Hudson River Trading and other businesses. Conor McNamee, Vertex’s operations manager, says the goal of the protocol is to expand DeFi loans and other products beyond US dollar-pegged stablecoins, which make up 99.5% of all stablecoins:
Many non-Americans man, they probably want to use their own local currency, right? Not hedging your [currency] risk is pretty dangerous, especially for trading funds or companies like neobanks that provide consumers with high yield savings accounts in addition to DeFi.
terraUSD (UST) is the most popular stablecoin in the ecosystem, while also Chinese yuan It also supports stablecoins for the euro, British pound and other currencies. Vertex users can exchange, combine, borrow and lend cryptocurrencies internationally. They can make the market more accessible by taking permanent swaps to reduce foreign exchange risk. Apart from the stablecoin focused Vertex Protocol, another important investment news was the ZRX token backed by 0x Labs.
Giants pour millions into this altcoin project
San Francisco-based DEX platform 0x Labs has closed its $70 million Series B funding round led by Greylock Partners with an undisclosed valuation. Investors have included companies such as Pantera, Jump Capital, OpenSea and Jared Leto.
As we have mentioned in Cryptokoin.com news, 0x Labs is a platform for users of Ethereum introduced a number of NFT swap features that enable NFT exchanges across multiple Blockchains such as Polygon, Fantom, Avalanche, Optimism, BNB Chain, and Celo. Following Coinbase’s announcement, ZRX, the native token of the 0x protocol, surged over 50% to $1.10, the ATH level since December.
Along with the rise, Coinbase is known for the creation of the 0x protocol that enables P2P asset exchange between the aforementioned Blockchains. As crypto advocates increasingly focus on the multi-chain future, where assets will reside and be transferred across a wide variety of blockchains with different properties, these protocols offer critical connections between networks.
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