Wintermute Backs DEX Vertex Protocol in Strategic Investment

The amount of the investment wasn’t disclosed and Wintermute will provide liquidity services to the decentralized exchange.

AccessTimeIconJun 22, 2023 at 1:29 p.m. UTC
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Vertex Protocol, a decentralized exchange (DEX) for spot and derivatives trading of digital assets, has received a strategic investment from Wintermute Ventures, the investment arm of noted liquidity provider Wintermute.

The investment amount wasn’t disclosed, but the tie-in will see Wintermute providing liquidity for Vertex’s exchange. The duo will also work to “deepen each other’s ties across various business lines,” according to a statement.

Decentralized exchange trading volume rose in the first quarter of this year to $133.1 billion in March despite the increasing regulatory scrutiny in the United States. Vertex Protocol launched in April on Arbitrum and has grown to having $21.4 million in trading volume over the past 24 hours, according to DeFiLlama data.

"Vertex Protocol meets the market's growing demand for noncustodial trading solutions while also possessing the efficiency of centralized exchanges," said Tim Wu, head of decentralized finance (DeFi) at Wintermute, in the statement. "Their rapid growth reflects this trend, and their robust infrastructure is a good fit for large trading firms like us," Wu added.

Edited by Aoyon Ashraf.

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Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk.


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