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NEW YORK–(BUSINESS WIRE)–Primex Financea decentralized prime brokerage liquidity protocol for cross-margin trading independent of DEX, announced a $5.7 million seed round led by a blockchain-focused investment firm CoinFund and Stratos Technologies, a multi-strategy venture capital firm. The increase also saw the participation of Hypersphere, GoldenTree Asset Management, Winter Mute, RSG, Ledgerprimeamong other notable market players and angel investors.
The introduction of DeFi has effectively removed the traditional barriers of finance, especially regarding restrictions on accessing financial markets. However, supporting non-custodial margin trading available to everyone still presents a challenge for the DeFi ecosystem. In traditional finance, KYC and related risk assessment protocols protect margin lenders, but DeFi has no such equivalent. To address this, Primex Finance leverages decentralized lender liquidity in conjunction with a trader performance mechanism to provide advanced trader tools and seamless integration with DEX smart contracts.
Founded in June 2021, Primex’s primary goal is to enable margin trading for DeFi participants while allowing them to earn interest. Through Primex, traders and financial institutions have the ability to trade freely while tapping into a pool of interest backed by trading profits around the world. After lenders provide liquidity to special types of pools – credit tranches – they then receive profit-based interest and fees for transactions made through these tranches. Traders then access liquidity from credit buckets to trade on margin on various DEXs. Using machine learning, Primex assigns each trader a score based on their efficiency to determine their level of risk in a decentralized way, ensuring protocol security and transparency.
“In developing Primex, our mission is to unite the two biggest DeFi use cases: DEXs and lending, into a new ecosystem, as well as provide access to margin trading in a truly decentralized way,” shelps Dmitry Tolok, co-founder of Primex Finance. “As we continue to roll out the protocol in phases, our long-term goal is for the concepts pioneered by Primex to bridge the gap between traditional financial services and DeFi, which will result in new opportunities in the world. within finance open to all, regardless of social position, national origin or current location.
Funds raised will be used to advance product development ahead of Primex’s V1 launch later this year.
“Observing the challenges DeFi faces with fragmented liquidity in base layer ecosystems and an overreliance on automated market makers, Primex is building a protocol business to solve technically complex cross-margining requirements. and interoperability needed to advance the state of decentralized finance.”, said Alex Felix, CIO of CoinFund. “CoinFund is excited to support the team as they build vital infrastructure for DeFi market players.”
To learn more about Primex Finance and its upcoming developments, visit: https://primex.finance/
About Primex
Primex is the cross-chain prime brokerage liquidity protocol for cross-DEX margin trading with trader rating mechanisms. In Primex, lenders provide liquidity to pools where traders can use it for leveraged trades in cross-DEX environments, while lenders then have the opportunity to earn high returns, their interest is generated by margin fees and profits on successful trades. Lenders will have the flexibility to manage their risk and return by providing liquidity to a variety of risk categories, subsets of liquidity pools that regulate traders’ risk strategies. For more information, please visit our website at primex.finance and follow us on Twitter at @primex_official.
About CoinFund
CoinFund is a blockchain-focused investment company founded in 2015 with the goal of shaping the global transition to digital assets and decentralized finance. The company invests in venture capital and liquidity opportunities in the blockchain sector with a focus on digital assets, decentralization technologies and key infrastructure. The CoinFund team has studied and supported the development of the blockchain space since the creation of the first decentralized networks and brings together over 30 years of experience in investing, engineering, law and decentralized protocols. For more information, please visit our website at coinfund.io and follow the company on Twitter at @coinfund_io.
