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Airbnb co-founder participated in $22.7 million worth SFOX funding

Airbnb in blockchain

In a recent announcement, SFOX, a leading crypto trading platform for institutional investors and prime traders reported that it has raised funds worth $22.7 million in a Series A round. The raised funds will be used for funding development of its crypto asset management platform for high-volume cryptocurrency investors.

Tribe Capital and Social Capital led the funding round that concluded on Thursday, 16th August, along with participation from Blockchain Capital, Y Combinator, DCG, and Nathan Blecharczyk, Airbnb co-founder. With this round of financing, SFOX will expand beyond its current offerings to provide improved durability in crypto asset management of security and risk management products along with additional infrastructure, support and licenses.

SFOX operates with a vision to offer the best price and highest level of liquidity with one-platform access to cryptocurrency markets worldwide. It got established as a prime dealer for high-net-worth investor groups, families and individuals. In the present year alone, SFOX has witnessed a 12-fold rise in its client following with an overall transaction volume of $9 billion since its launch in 2014.  

Akbar Thobhani, CEO of SFOX believes that given the distributed nature of cryptocurrencies, a large set of exchanges across the globe have been created, leading to “a fragmented market and limited liquidity.” “Over the last four years, we’ve been able to provide our clients with a single point of access and the best price execution by building the necessary smart routing technology to navigate and connect these global markets and exchanges,” he further added.

Arjun Sethi, co-founder and partner at Tribe Capital who will soon join SFOX’s board, shared that liquidity is among the most critical barriers for institutional cryptocurrency adoption. “What has always excited us about SFOX and differentiates them from other players is that they provide access to a global integrated order book, sourced from exchanges, OTC desks, and market makers,” Sethi added. He also highlighted the importance of a single account along with the ability to trade large volumes without having a significant impact on prices.

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