Primex Finance, a decentralized prime brokerage liquidity protocol designed to offer opportunities to trade freely and earn interest, has announced that it raised a $5.7 million funding round led by CoinFund, a blockchain investment firm, and Stratos Technologies, a venture capital firm. Other firms such as HyperSphere, GoldenTree Asset Management, Wintermute, GSR, Ledgerprime, and among other major venture capital firms and angel investors, also participated in the funding.
Primex described the funding as a major milestone on its roadmap towards addressing challenges being experienced in the DeFi market. Primex plans to use the fresh funding to roll out version one of its protocol to enable leveraged trading in cross-DEX environments. In the initial stage, Primex plans to deploy version one of its protocol on a select suite of chains to establish liquidity bridges between DEXes on major smart contracts platforms.
Primex eventually plans to launch DeFi features such as portfolio management for cryptocurrencies, margin trading fees, trading pairs, and profits supporting yield farming, as well as a seamless bridge between multiple DEXs to support leverage trading across multiple chains.
Dmitry Tolok, co-founder of Primex Finance, talked about the development and said: “In developing Primex, our mission is to unite the two biggest DeFi use cases: DEXs and lending, into a new ecosystem, as well as give access to margin trading in a truly decentralized way. As we continue rolling out the protocol in phases, our long-term goal is to have concepts pioneered by Primex bridge the gap between traditional financial services and DeFi, resulting in new opportunities within finance being open to everyone, regardless of social position, national origin, or present location.”
Rennick Palley, the chief investment officer at Stratos Technologies, said that the company backed Primex because of the way it (Primex) replicates many TradeFi broker capabilities in a manner that is composable with other protocols and consistent with DeFi’s philosophy.
