Crypto Trading Platform Sibex Raises $1.8M USD In Funding

Investing, News | October 25, 2019 By:

Sibex has raised CHF 1.78 million ($1.8M USD) in a seed funding round from a number of prominent investors, including Fenbushi Capital, Accomplice VC, and SIX, the Swiss financial infrastructure provider.

Sibex employs blockchain technology to enable professional traders to trade popular cryptocurrencies, including bitcoin and ethereum, with one another directly. Unlike centralized exchanges, traders using Sibex’s software maintain custody of their assets during trades.

“People are rapidly realizing the value of trading digital assets, resulting in an inevitable shift towards the digitization of wealth,” said Daniel Haudenschild, CEO of Sibex. “However, we’re still at an early stage in the development of this technology and the resulting lack of infrastructure for OTC trades can present issues which alienate institutional investors used to a certain quality of service. Sibex is committed to solving the problems that exist while also exposing professional traders to a new world of trading strategies and opportunities. The support of Fenbushi Capital, SIX, Accomplice, and our other investment partners is invaluable in helping us to achieve this goal.”

The firm claims that the Sibex protocol solves issues such as front-running, whereby those with advance knowledge of a large buy or sell order can manipulate the price of the asset and make a profit, by providing an institutional-grade dark pool for digital asset procurement and liquidation and enabling cross-chain transactions. It also prevents such occurrences and increases market integrity by enabling traders to maintain custody of their assets throughout the trade settlement.

“Before OTC trading of digital assets can really take off and reach its full potential, institutions that are interested in entering the space need assurances of trust and stability in the peer-to-peer platform,” said Rob Shavell, Partner, Accomplice VC. “Sibex is taking the lead in making the vital shift to on-chain settlement in the ecosystem. Our investment is not only an endorsement of their first-class service, but also showcases the confidence we have in the technical prowess and capabilities of Sibex’s team to create the gold-standard for the peer-to-peer trading protocol of the future.”