Ripple notes that it invested in Vega Protocol with an intention to help spur adoption of XRP. Vega is a protocol for designing and trading derivatives on a completely decentralized network.
Lately, Vega Protocol raised $5 million from several investors including Ripple’s Xpring with the purpose of helping to design and arise its decentralized derivatives platform.
Vanessa Pestritto, Ripple’s director of strategic growth for Xpring, said that the startup is targeting to give a boost to adoption of decentralized finance. She noted that in order to explore this developing industry it’s required to create, partner with and invest in big teams that are alongside the future of finance. “As we build out our own engineering team, Xpring will continue to engage with DeFi teams and communities to support the future of DeFi including the derivatives industry – a trillion-dollar market,” she added.
Pestritto also mentioned that the Ripple investment in Vega has an intention to lead to the launch of XRP on the platform.
Vega wants to design an open and decentralized network, allowing to freely trade, which will make capital markets widely available. It will keep building their network and study new possibilities to add other crypto coins, including XRP.
Vega protocol is now testing the final version of its trading system, created to provide people an entirely automated and decentralized derivative trading.