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Cryptocurrency data provider Skew has secured $2 million to enhance its data offering for the cryptocurrency derivatives market.
The seed round was led by Firstminute Capital with participation from Seedcamp, Kima Ventures, Kleiner Perkins, and QCP Capital, according to a report by The Block.
The funding will be used to develop its flagship derivatives data platform, skewAnalytics. The solution aims to offer real-time crypto derivatives market with more than 100 charts on crypto futures and options.
With the new capital injection, Skew is eyeing institutional investors who want a breakthrough in the crypto investment market. The data the firm provides will reportedly allow both traders and institutions to make strategized investments.
“It is of prime importance that market participants are able to rely on high-quality data and information to make their decisions,” Emmanuel Goh, Skew CEO and co-founder, told the news outlet.
Goh believes that the “uniqueness” of Skew’s data intended for crypto derivatives is its edge against its competitors. He further added that the firm’s offering is aimed towards institutions and corporates who “are used to receiving analysis on flows and positioning rather than technical analysis.”
Through its institutional-grade tools, the firm is drawing a number of clients and has reported 30% month-over-month growth in its user base since Q3 2019, particularly in Japan, the U.S., and the U.K.
Although the crypto derivatives market is a growing industry, Skew is set to face competition. Earlier this week, Flipside Crypto, another data analytics firm, secured $7.1 million in a series seed prime led by Galaxy Digital Ventures.
Crypto market data provider Kaiko also bagged 5 million euros (~$5.5 million) in a seed funding round, led by global financial investors Anthemis Group and Point Nine Capital.
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