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Crypto brokerage BitOoda raises $7M in seed round

Tue, 24 Dec 2019, 10:11 am UTC

Cryptocurrency brokerage BitOoda has raised $7 million in a seed funding round from a roster of prominent investors.

Dr. Gary Ross, former Head of Global Oil Analytics and Chief Energy Economist at S&P Global Platts, as well as founder of PIRA Energy; Calvin Schlenker, former Head of North American Natural Gas Trading at British Petroleum; and Roy Salame, former Managing Director, Head of Global Investment Opportunities Group, and Head of Commodities Sales and Structuring at J.P. Morgan participated in the round.

Founded in 2017, New Jersey-based BitOoda is an SEC/FINRA-registered Broker-Dealer and a CFTC/NFA-registered Introducing Broker.

In its press release, BitOoda said that its investor base was particularly spurred by its achievements in the past year, which includes the design and execution of the BitOoda Difficulty financial swap, the BitOoda Hash physical hashpower contract, and growing business lines in advisory services and next-generation financial solutions.

“At BitOoda, we are never happy doing things in the same way as our competitors, and we are focused on creating new market sectors where we can leverage our team’s unique expertise in capital markets, physics, and engineering,” said BitOoda founder and CEO Tim Kelly.

“We are excited about the growth opportunities this seed round will enable, and plan to position ourselves to meet the soaring demand for our innovative solutions – both here in the U.S. and increasingly across Asia and Europe.”

In its recent Global & Regulatory Analysis published on Monday, BitOoda emphasized that the introduction of the Crypto-Currency Act of 2020 is the “most promising U.S. regulatory development in recent memory."

“In our view, this is precisely the type of law that could enable executive branch agencies to not only better coordinate their efforts, but also to move beyond the 1930’s laws to which they are currently tied in terms of interpretation and application to digital assets,” it said.

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