Melotic, Inc., a cryptocurrency technology company founded in 2014 based in Hong Kong has raised $1.175 million in seed funding in a round led by Ceyuan Ventures, a Chinese venture capitalist firm. Some other investors that participated in the round include Lightspeed China, the Bitcoin Opportunity Corp. (led by Barry Silbert).
Two other companies were 500 Startups, and Marc Van Der Chijs. With the new funds at the disposal Melotic, Inc says that it will expand its operations and add new members to enhance performance. The company says that it has a team that includes experienced technologists and professionals, and all of it love Bitcoin and its potential.
In its statement the company says that it believes that Bitcoin and cryptocurrencies have the potential to make big changes to the world, and it is excited to be a part of it. The statement has come when Bitcoin has fallen significantly. When compared with last year’s run of Bitcoin’s value when it reached to $1200, it has fallen to $400.
Though the prices of Bitcoin have declined to record levels, there’s just a whole lot of investment going on in the Bitcoin/cryptocurrency industry lately. Several startups have come up and many of them have received attractive investments from venture capitalists. The latest to report investment cash is Hong Kong-based digital asset exchange Melotic.
The Funds Will be used to expand the Reach and Better the Operations
In a statement to media the company said that it will be using the funds to expand its reach by expanding employee base, and subsequently its operations. The business of being a “pure digital asset exchange” means that Melotic doesn’t get involved with fiat currencies like the United States Dollar or the Euro.
It says that instead, users can trade a slew of altcoins that include Dogecoin, Darkcoin, Stellar, and Blackcoin. Answering to a question how does Melotic match orders, the representative for the firm says that orders placed on its exchange are matched based on price/time priority, this means that the best orders are placed at the top of the order book and will have priority.
However, if two orders have the same price, then the company will take the earliest order first. Regarding the charges, it says that customers need to pay a 0.1% fee for all trades. The company does not charge any fees for deposits or withdrawals. However, some networks such as Bitcoin require or suggest a transaction fee to process transactions.
Nonetheless, when users withdraw funds from Melotic, Melotic will add this transaction fee to their withdrawal request.
To contact the reporter of this story: Deepak Tiwari at email@example.com