Cryptocurrency

Airbnb Co-Founder backs $23 million funding round for Crypto Startup

SFOX, which is a well-known cryptocurrency trading platform has acquired $23 million to fund the growth of the entire asset management platform for large-scale cryptocurrency investors. Arjun Sethi, the Co-founder, and partner at Tribal Capital and Social Capital conducted the Series A funding round for Crypto trading platform, SFOX by doing a collaboration with Y …

SFOX, which is a well-known cryptocurrency trading platform has acquired $23 million to fund the growth of the entire asset management platform for large-scale cryptocurrency investors.

Arjun Sethi, the Co-founder, and partner at Tribal Capital and Social Capital conducted the Series A funding round for Crypto trading platform, SFOX by doing a collaboration with Y Combinator, Khosla Ventures, Blockchain Capital, and Airbnb co-founder Nathan Blecharczyk.

SFOX supports various institutional investors to perform cryptocurrency trades, routing orders via numerous exchanges and over-the-counter (OTC) trading desk, allowing them to capture the best available prices along with minimizing the effect of large orders have on the crypto prices in the spot markets.

Akbar Thobhani, CEO of SFOX stated, “The distributed nature of cryptocurrency has given rise to a large breadth of exchanges around the globe, creating a fragmented market and limited liquidity.” He further added, “Over the last four years, we’ve been able to provide our clients a single point of access and the best price execution by building the necessary smart routing technology to navigate and connect these global markets and exchanges.”

According to the press release, Cryptocurrency platform’s main goal is to provide its services to large-scale investors such as funds, family offices, and high-net-worth individuals. The firm states that it has processed a total of $9 billion in transaction volume in the last 4 years since its launch. Moreover, its client base has increased 12times in 2018, despite the fact that crypto market has suffered a lot of ups in downs. Due to constant decreasing trading volumes, it is very difficult for investors to enter or exit large positions without dealing with violent price swings which ripple face in the crypto market.

What is the purpose of Crypto Trading Platform, SFOX?

Sethi main purpose is to allow institutions to trade from a single account and buy & sell high volumes without affecting the prices. By forming such a system, various institutional investors will embrace cryptocurrency need because the ecosystem becomes more structured.

The firm’s Medium post states that the purpose for funding round is to allow crypto pairs, improve trading liquidity and provide services in new geographical regions.
Recently, Axoni enterprise-based blockchain startup had acquired $32 million in the funding round held by Goldman Sachs and Nyca Partners, along with other investors such as Wells Fargo, JPMorgan, Citigroup, and Andreessen Horowitz.

 

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