Cryex, a leading cryptocurrency exchange reports that it has secured a US$10 million investment led by White Star Capital and Northzone Ventures in the first week of May. Elaborating the funding event organized the organization says that following the multi-million dollar funding round, it plans to expand throughout Europe.
The company also aims to introduce tier-one financial services to connect traditional regulated financial markets to the blockchain economy. According to the company sources the fundamental aim of the company is to bridge the gap between traditional regulated financial markets and the Blockchain economy by providing tier one financial industry technology and services.
Talking about the funding managing partner at White Star Capital, Eric Martineau-Fortin, explained that the investment into Cryex will allow the Bitcoin startup to pull financial institutions into the digital currency ecosystem. He admitted that Cryex’s experienced financial industry team has banking and investment and asset management veterans.
Elaborating his point he said that the company is delighted to be involved in delivering a truly innovative solution where Blockchain technology meets tier one exchange and clearing technology in a regulated environment, finally attracting financial institutions into the digital currencies ecosystem.
Similar views were shared by Simon Nathanson, Chairman of Cryex Clearing AB who admitted that his company has a unique model to clearing and settlement and has all the necessary components in place like financial-grade architecture and technology partners, a seasoned team and a number of high profile strategic investors from the financial sector.
To Allow Regulated Market Participants to Trade Derivatives
At the occasion a source from Cryex explains that the new product will allow regulated market participants to trade derivative products in a highly secure and regulated environment. Nonetheless, with the booster dose of the new funds, Cryex plans to compete with the well-established Bitcoin startups including Coinbase, Safello, Coinzone and Bitpay.
Whereas Coinbase, Safello and Coinzone have all expanded throughout Europe in the last couple of years, Cryex aims to expand more than these this year. It aims to support European merchants and provide each European country with specific features, including local bank support and the ability to deposit or withdraw via bank wiring.
Now, Cryex plans to join the competition by connecting the traditional regulated financial markets with the blockchain economy. Nonetheless, the company will allow users to trade derivative products, which it believes will transform cryptocurrencies from small, unconnected niche markets into a full monetary ecosystem and settlement network.
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