The profile is currenly unclaimed by the seller. All information is provided by CB Insights.

vires.com

Stage

Acquired | Acquired

About VIRES

VIRES is a provider of simulation software solutions that support the development, testing and validation of driver-assisted and fully autonomous driving technology.

VIRES Headquarter Location

Grassinger Strasse 8

Bad Aibling, 83043,

Germany

+49 8061 939093-0

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Expert Collections containing VIRES

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

VIRES is included in 1 Expert Collection, including Auto & Mobility Tech.

A

Auto & Mobility Tech

1,391 items

Startups building a next-generation mobility ecosystem, using technology to improve connectivity, safety, convenience, and efficiency in vehicles.Includes technologies such as ADAS and autonomous driving, connected vehicles, fleet telematics, V2V/V2X, and vehicle cybersecurity.

Latest VIRES News

Waves Community Passes “Reset” Proposal for Vires.Finance

Aug 2, 2022

Waves Community Passes "Reset" Proposal for Vires.Finance by Cover artwork courtesy of Waves Protocol and Vires.Finance (edited by Mariia Kozyr) Sign Up People Jul. 5, 2022 Markets Jul. 16, 2022 Markets Jul. 16, 2022 Press Release3 hours ago Press Release23 hours ago Key Takeaways The community behind Vires.Finance has voted in favor of a “DeFi Revival Plan” that will “reset” the lending protocol. The Waves-based lending protocol has suffered from a months-long liquidity crisis since the depegging of the Neutrino stablecoin (USDN) in April. The new proposal will allow certain account holders to be repaid, continue their positions, or exchange them for USDN. Share this article URL Copied The Waves-based lending platform Vires.Finance is taking extraordinary measures to make users whole after its stablecoin depegged this April amid turbulent market conditions. Waves Community Backs “Reset” Plan A DeFi lending protocol is undergoing a “reset” following a community vote. The community behind Vires.Finance has overwhelmingly voted in favor of a new proposal to “reset” the lending protocol, according to a Tuesday press release. The Waves-based DeFi platform has faced major issues in recent months after the Waves-based stablecoin Neutrino (USDN) lost its peg to the dollar. Vires suffered a “bank run” following the depegging event, leaving users unable to withdraw their funds. While USDN has almost recovered its dollar parity since April (it is currently trading at $0.99 ), the fallout from the ensuing liquidity crisis is ongoing. The new proposal seeks to make users whole through a variety of methods. First, Waves asserts that its founder, Sasha Ivanov, has assumed roughly $500 million in bad debt to his own wallet and plans to pay out users affected by the crisis. That measure is a component of the now-passed “ DeFi Revival Plan ,” which will allow Vires users to choose between being repaid or keeping their funds in the protocol. Once the proposal takes effect, Vires users with stablecoin accounts (USDT and USDC) exceeding a combined $250,000 will have the option to exchange their positions for USDN with a 365-day vesting period and a 5% liquidation bonus; or they may choose to keep their positions as-is (at 0% APY) while Ivanov liquidates USDN positions to repay the debt. The press release noted that the liquidations will be processed “depending on market conditions.” Holders of gVires, the governance token for the platform, will have the option to redeem “two months’ worth of APY via the revenue system.” The team says this vote is “a final step to stabilize the project and repay all affected users.” Waves’ stablecoin is not the only one to suffer from a depegging crisis this year. Most notable was the swift collapse of Terra’s algorithmic stablecoin UST, while both TRON’s USDD and Tether’s USDT have also traded below a dollar for days-long periods in recent months. UST, which relied on Terra’s volatile token LUNA to stabilize its peg, has never recovered since its collapse. It currently trades at $0.03 . Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies. Share this article

  • Where is VIRES's headquarters?

    VIRES's headquarters is located at Grassinger Strasse 8, Bad Aibling.

  • What is VIRES's latest funding round?

    VIRES's latest funding round is Acquired.

  • Who are the investors of VIRES?

    Investors of VIRES include Hexagon.

Discover the right solution for your team

The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.

Request a demo

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.