Swiss FinTech Veax Raises $1.2M Pre-Seed Investment

Swiss FinTech Veax Raises .2M Pre-Seed Investment

By Gloria Methri

Veax, decentralized commerceVeax, a Swiss-based FinTech offering a traditional financial managed decentralized exchange (DEX), has raised $1.2 million in pre-seed investment.

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

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

“There are huge opportunities in optimizing on-chain trading infrastructure,” said Juan Lopez, investment team at Circle Ventures. “We are excited to invest in VEAX, a DEX focused on capital efficiency. In new layer-1 networks like NEAR, teams can innovate and introduce concepts like adaptive liquidity that aim to drive lower fees for traders and higher productivity to capital provided by LPs.”

Jamie Burke, Founder and CEO of Outlier Ventures said: “Outlier Ventures is proud to support the team behind Veax who are focused on building products to shape the future economy of blockchain. We are truly impressed with the depth and knowledge and concept of their product. We are excited to work with team and look forward to seeing them make waves in the NEAR ecosystem and wider DeFi scene.”

Kendall Cole, Director of Proximity Labsadded, “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 crucial DeFi infrastructure at a critical time.”

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Veax is currently on track to launch its v1 Testnet in early December and the Adaptive Liquidity Pool research paper.

IBSi daily news analysis

23 November 2022


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