Cryptocurrency trading platform SFOX has netted $22.7m in its Series A funding, which was led by Tribe Capital and Social Capital.
Other participants to the round included Y Combinator, Khosla Ventures, DHVC, Blockchain Capital, Upside Partnership, SV Angel, DCG, Mark Britto, and Airbnb Co-Founder Nathan Blecharczyk.
Founded in 2014, SFOX is a prime dealer that supplies high-volume traders and institutional investors higher returns through optimised price execution. In 2018 alone, SFOX has seen its client base grow 12-fold. The company, which has a trade volume of $9bn in transaction volume to date, helps traders through its global integrated order book.
The platform provides clients with a real-time API, multi-user accounts, unified reporting, whitelisting, and two-factor authentication.
Through this capital injection, SFOX plans to expand its stance beyond being a prime dealer for institutional investors to become an institutional crypto asset management platform. To do this, the company is looking to build out its rails and infrastructure.
To achieve its goal, SFOX will launch a number of family products which will bring additional stability to crypto asset management, such as advanced security and risk management products. Alongside this, it will enhance its infrastructure and support, and attain licenses to access new markets.
By doing this, SFOX is hoping to provide institutional investors with a selection of new opportunities.
Tribe Capital co-founder and partner Arjun Sethi said, “What has always excited us about SFOX and differentiates them from other players is that they provide access to a global integrated order book, sourced from exchanges, OTC desks, and market makers.
?This means institutions can trade from a single account and have the ability to buy and sell high volumes without impacting prices. This is exactly what institutional investors looking to embrace cryptocurrencies need today and in the future, as the ecosystem becomes more fragmented.”
As part of the transaction, Sethi will join SFOX board of directors.
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