Primex Finance, a decentralised prime brokerage liquidity protocol for DEX-agnostic cross-margin trading, has secured USD5.7 million in a seed round led by blockchain-focused investment firm CoinFund and Stratos Technologies, a multi-strategy venture capital firm.
Primex Finance, a decentralised prime brokerage liquidity protocol for DEX-agnostic cross-margin trading, has secured USD5.7 million in a seed round led by blockchain-focused investment firm CoinFund and Stratos Technologies, a multi-strategy venture capital firm.
The raise also saw participation from HyperSphere, GoldenTree Asset Management, Wintermute, GSR, Ledgerprime, among other notable market participants and angel investors.
Founded in June 2021, Primex’s main goal is to enable margin trading for DeFi participants while allowing them to earn interest. Through Primex, both traders and financial institutions alike have the opportunity to trade freely while tapping into an interest pool that’s backed by trading profits worldwide. Once lenders provide liquidity to special types of pools – credit buckets – they then receive interest and profit-based fees from deals performed through these buckets. Traders then access liquidity from the credit buckets to margin trade across various DEXs. Leveraging machine learning, Primex assigns each trader a score based on their efficiency to determine their risk level in a decentraliSed way, thus ensuring security and transparency for the protocol.
The funds raised will be used to progress product development ahead of Primex’s V1 launch later this year.
