Cryptocurrency dealer SFOX secures $22.7M in Series A funding
Fri, 17 Aug 2018, 05:47 am UTC
SFOX, a cryptocurrency dealer for high-volume traders and institutional investors, has raised $22.7 million in a Series A funding round led by Tribe Capital and Social Capital.
Other investors include Y Combinator, Khosla Ventures, DHVC, Blockchain Capital, Upside Partnership, SV Angel, DCG, Mark Britto, and Airbnb Co-Founder Nathan Blecharczyk. Arjun Sethi, Co-Founder and Partner at Tribe Capital, will be joining SFOX's board.
Founded in 2014, SFOX is a cryptocurrency prime dealer for large-scale investors such as funds, family offices, and high-net-worth individuals, with over $9 billion in transaction volume to date. By connecting institutions to a vast network of global cryptocurrency liquidity venues, it enables them to trade high volumes without impacting prices.
In its official release, SFOX said that its client base has grown 12 fold since the beginning of this year.
SFOX plans to use the funding towards becoming a single-point solution for all crypto asset management needs, expanding beyond its current position as a cryptocurrency dealer. It said that it will build rails and infrastructure and deliver a range of products that will bring additional durability to crypto asset management, including advanced security and risk management products, additional infrastructure and support, and licenses to access new markets.
"We've seen high interest from our clients in expanding their exposure to crypto assets," said Akbar Thobhani, CEO of SFOX. "Institutions need a full service asset management platform that meets the unique needs of cryptocurrency. This is not being fulfilled by traditional tools and current platforms. We're in a great position to provide these rails. This investment will allow us to pursue this evolution."
SFOX said that it will soon be making announcements on additional cryptocurrency pairs and liquidity providers, trading support in new geographical regions, and hiring across all departments, and much more.
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