Cryptocurrency trading platform for institutional investors SFOX has announced the closing of a $22.7 M Series A funding round. Co-founder and partner at Tribe Capital and Social Capital, Arjun Sethi led the funding, backed by Airbnb co-founder Nathan Blecharczyk, Y Combinator, Khosla Ventures, Danhua Venture Capital, Digital Currency Group and more.
The cryptocurrency platform aims at serving large-scale investors such as funds, family offices, and high-net-worth individuals. The firm helps these high volume traders fulfill their buy and sell orders by executing them through its integrations with different cryptocurrency exchanges. The dealer has more than $9 Bn in transaction volumes to the present and reports a 12-fold growth in client numbers already this year. The goal of the funding round is to add cryptocurrency pairs and improve trading liquidity. SFOX also plans to increase manpower and expand to more geographic regions in the coming 12 months.
Sethi stated that minimizing the impact of high volume trading on the cryptocurrency market, while boosting trading liquidity is “exactly what institutional investors looking to embrace cryptocurrencies need […] as the ecosystem becomes more fragmented.” SFOX’s chief executive Akbar Thobhani – who was previously head of growth and business development at Airbnb – said the plan is a response to increasing interest from clients in a greater level of exposure to cryptocurrency assets.
