New York-based startup Vest Labs has raised $13 million in a seed round led by Portal Ventures. Qualifying traders receive company capital to trade perpetual futures on equity indices, crypto, and commodities, keeping between 80% and 95% of profits paid in USDC. The platform had approximately 27,000 traders as of late September, with 26% receiving cash payouts in USDC and monthly active users and trading volumes growing over 300% month-over-month. Founded by three former University of Pennsylvania students, the company plans to use the funds to build a mobile app, hire additional staff, and expand the range of tradable assets.
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