SFOX, a cryptocurrency dealer for large-scale investors, said that it has closed a $22.7m round of Series A funding, led by Arjun Sethi from Tribe Capital and Social Capital.
We believe that a company should only fundraise if it has a clear vision for how those funds will translate into compounding value for its customers, so we want to give you a glimpse of how we plan to do exactly that.
We founded SFOX in 2014 as a way to solve the problems that were preventing institutional investors and HNWIs from investing in Bitcoin. We saw an asset class that had tremendous long-term potential, yet was too volatile and illiquid for these types of investors to enter. We developed two tools to lower these barriers to entry:
A single point of access to liquidity from a wide range of exchanges, OTC desks, and market makers.
A suite of smart-routing algorithms that empower traders to buy and sell large amounts of crypto efficiently, without moving the market in the process.
Over the last four years, these tools have made us the best solution on the market for institutional traders looking to enter the crypto space. We want to give a big thank-you to our clients who have trusted us with $9 billion USD in transactions to date. We’re grateful to have helped them secure the best prices available for these transactions, and we intend to use our new funds to help them even more in the years to come.
Our goal is to develop SFOX into the single-point solution for all your cryptoasset management needs. That means that every aspect of your asset management experience needs to meet the standards of our order book and algorithms. Our next step towards this goal is to build industry-leading solutions to other aspects of cryptoasset management — starting with the foundations of fund security and risk management, and building upwards to help our customers accomplish increasingly more in the crypto space.
This is where our latest fundraising round will play a crucial role. In the near future, you should expect announcements regarding new features that include (but are not limited to):
additional cryptocurrency pairs and liquidity providers
trading support in new geographical regions
hiring across all departments
Our mission is to build technology that makes it easier to access cryptocurrency. We’re committed to building an ecosystem of tools and infrastructure that consistently provides institutional and professional investors with an edge.
Source: Company Press Release