Crypto buying and selling platform CrossTower introduced Monday that it had raised $6 million in a seed funding spherical led by European tech inve
Crypto buying and selling platform CrossTower introduced Monday that it had raised $6 million in a seed funding spherical led by European tech investor Gerard Lopez.
CrossTower stated its platform helps highly-active order books and tight spreads for crypto-to-crypto buying and selling. Launched final month, customers can at present commerce 9 of probably the most often traded cryptocurrencies on the crypto trade operator’s platform, together with Bitcoin, Ether, XRP and Zcash.
The agency’s co-founder and president, Kristin Boggiano, stated CrossTower was launched at a time of change within the monetary markets.
“Jurisdictions and governments world wide are more and more embracing crypto finance to avail extra environment friendly fee, buying and selling and funding companies,” she stated.
She added that whereas the agency is just not chasing a selected quantity of customers, its mission is to make investing in digital belongings extra mainstream.
“Whereas CrossTower goals at a large market, the institutional-ready method is without doubt one of the founders’ most interesting and distinguishing strengths,” stated Gerard Lopez, talking about what attracted him in the direction of investing in CrossTower’s platform.
CrossTower’s co-founder and CEO, Kapil Rathi, claimed that what distinguishes the agency’s buying and selling platform from all of the others in the marketplace was its “receives a commission to commerce” pricing mannequin. In line with Rathi, the mannequin upsets the established order by providing rebates to takers and charging a nominal charge to market makers.
“This charge construction is designed to attract merchants to the system as we can pay takers of liquidity 1 bps of the worth of every commerce,” Rathi stated.
In his view, the mannequin may also present substantial liquidity to market makers.
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