SFOX raised nearly $23 million funding with backing from Airbnb Co-Founder

Institutional-grade cryptocurrency dealer SFOX has managed to procure nearly $23 million funds. Tribe Capital and Social Capital led the funding round which raised the capital. The company will utilise these funds in developing a full-featured asset management platform for large-scale cryptocurrency investors. Also, there were investments from Y Combinator, Khosla Ventures, Blockchain Capital, and Airbnb co-founder Nathan Blecharczyk in the funding round.

SFOX

Large cryptocurrency trades can be executed by the institutional investors with the help of SFOX. The investors can route orders through a myriad of exchanges and over-the-counter (OTC) trading desk. This will help them in capturing the best available prices. It will also minimize the impact that large orders have on cryptocurrency prices in the spot markets.

According to Akbar Thobhani, CEO of SFOX –

“The distributed nature of cryptocurrency has given rise to a large breadth of exchanges around the globe, creating a fragmented market and limited liquidity”.

Thobhani further informed,

“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.”

Read more: Jamaica Stock Exchange Introducing Crypto Trading.

Growth

The company said that in spite of the fact that the cryptocurrency market has suffered under the weight of a severe downturn, they have processed a total of $9 billion in transaction volume since its launch in 2014. The company has also seen its client base growing 12-fold in the year 2018. The declining trading volumes have made it harder for investors to enter or exit large positions. Without causing violent price swings that ripple throughout the entire market and that’s not entirely surprising. Thobhani further added that institutions are now looking for more than just trading on cryptocurrency exchanges.

 

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