A cryptocurrency dealer embarking to give trading services to institutional investors has shut a Series A funding round of $22.7 million.
Called SFOX, the platform declared on Thursday that its new value financing was driven by Tribe Capital and Social Capital, and has backing from Airbnb co-founder Nathan Blecharczyk, Y Combinator, Danhua Venture Capital, Digital Currency Group and more.
Established in 2014, SFOX works as a trading center point for institutional investors, high-net-worth people, and family offices. The firm enables these high volume merchants to satisfy their purchase and offer orders by executing them through its mixes with various cryptocurrency exchanges.
SFOX plans to limit the effect of high volume trading on the cryptocurrency market while boosting trading liquidity – “one of the most significant barriers to institutional cryptocurrency adoption,” as indicated by Arjun Sethi, co-founder and an associate at Tribe Capital.
SFOX asserts in the declaration that it has encouraged over $9 billion in transaction volume up until now, and reports a 12-overlap development in customer numbers as of now this year.
With the new funding, SFOX said it is chipping away at taking off crypto-asset management services, notwithstanding the current trading facility. It also plans to build labor and extend to more geographic districts in the coming year.
SFOX’s CEO Akbar Thobhani – who was already head of development and business advancement at Airbnb – said the arrangement is a response to expanding interest from customers in a more prominent level of introduction to cryptocurrency assets.
“We continue to observe sustained and increasing demand from institutions that want to include cryptocurrencies as part of a diverse portfolio but are reluctant to do so because of uncertainty and volatility.”