Vest Labs, a retail proprietary trading startup, has raised $13 million in seed funding, according to Fortune. The round was led by Portal Ventures, with participation from certain executives from Citadel Securities, BlackRock, and KKR investing in a personal capacity. The company did not disclose its post-money valuation.
Vest says its platform allows eligible traders to use firm capital to trade perpetual futures in live markets around the clock. Traders can keep as much as 80% of their profits, with the remainder going to the company. Vest said this structure differs from some retail prop trading firms that charge for simulated trading accounts, because its model lets the company benefit when traders succeed rather than when they fail.
The startup said the new capital will be used to build a mobile app, expand its current 22-person team, and add more assets that can be traded 24/7. In self-disclosed figures, Vest said that as of late September, about 26% of its roughly 27,000 traders had received cash payouts, while monthly active traders and trading volume both rose by more than 300% month over month.
Retail proprietary trading startup Vest Labs has raised $13 million in seed funding, according to Fortune. The round was led by Portal Ventures, with certain executives from Citadel Securities, BlackRock, and KKR participating in a personal capacity. The company did not disclose its valuation after the financing.
Vest said eligible traders can use firm capital to trade perpetual futures in live markets on a 24/7 basis. Traders can keep up to 80% of the profits, while the rest goes to the company.
The company said this model differs from some retail prop trading firms that charge users for simulated trading accounts. Under Vest’s structure, the firm said, it benefits from trader success rather than betting on trader failure.
The funding will be used to develop a mobile app, expand the company’s current 22-person team, and broaden the range of assets available for round-the-clock trading.
In figures disclosed by Vest, as of late September, about 26% of the platform’s roughly 27,000 traders had received cash payouts. The company also said monthly active traders and trading volume each increased by more than 300% month over month.
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