Co-founder of Airbnb Support’s $23M Funding Round
Elite-class digital currency dealer SFOX has managed to gather $23M in funds during its Series A round of funding spearheaded by Tribe Capital as well as Social Capital. More investments in the funding come from Nathan Blechrczyk, a co-founder of Airbnb, Khosla Ventures and more. The investments come as a means of supporting the launch of a new management platform designed to provide complete features.
The New Platform
SFOX aids large investors in facilitating high-grade and heavy digital currency trading, transferring orders through a countless amount of cryptocurrency exchanges and OTC desks, granting them opportunities to grab hold of the highest prices granted and reducing the effect of massive orders on the price of cryptocurrencies in public financial markets.
Akbar Thobhani, SFOX’s Chief Executive Officer, stated that cryptocurrencies and their distributed nature has paved the way for enlarged exchanges across the world and resulted in restricted liquidity as well as a divided market. He adds that over a period of four years, the company has granted its clients one direct way of accessing the market and providing the best possible prices available at any given time through creating the required technology to guide and link international markets and cryptocurrency exchanges.
According to SFOX, $9B worth in transactions have been processed by the company over the last three years following its launch and the company’s clientele has grown 12 times larger this year even with the massive decline in the crypto-market following a consistent wave of downfall. Mentioning how investors have grown to trust cryptocurrencies more since the company was launched, he states that as of now, he has now shifted his main focus of educating possible clients on how the industry works and instead is more invested in explaining how different asset classes differ from one another and how to manage digital currency assets in the most effective methods.
According to him, institutions want to be involved in other activities apart from trading. For example, reporting is vital for them as a means of enhancing their account management. As a means of backing this, the company offers joint reporting for customers and dedicated solutions including know your customer and Anti-Money Laundering law. He adds that SFOX will be utilizing all acquired capital to design and develop additional instruments to tackle pain institutional pain points and deliver full digital coin management.