Primex Finance Raises $5.7M Seed Funding

Published on: 05.02.2022

Primex Finance is pleased to announce that it has closed a $5.7M strategic funding round co-led by Stratos Technologies and CoinFund, with participation from Hypersphere, and GoldenTree Asset Management along with leading liquidity providers including WintermuteGSR, and LedgerPrime.

Adding to the above participants, joining the seed round are NxGenMask NetworkPragma VenturesMorningstar VenturesHG VenturesFormless Capital, Peech CapitalZBS Capital, MapleblockMagnus CapitalParachain Ventures and a few notable 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 decentralized way, thus ensuring security and transparency for the protocol.

“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.”— Dmitry Tolok, co-founder of Primex Finance.

The funds raised will be used to progress product development ahead of Primex’s V1 launch later this year.

ABOUT Primex Finance
Primex
is the cross-chain prime brokerage liquidity protocol for cross-DEX margin trading with trader scoring mechanisms. In Primex, lenders provide liquidity to pools where traders can use it for leveraged trading in cross-DEX environments, while lenders then have an opportunity to earn high yields; their interest is generated from margin fees and profits on successful trades.

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