Cryptocurrency Trading Platform Formed By Former State Street Execsbr>
John Burnett and Hu Liang of State Street Corp. said they’ve formed Omniex Holdings Inc., a cryptocurrency trading platform aimed at institutional investors, exchanges, over-the-counter venues and fund accountants.
“There’s a ton of institutional investment waiting on the sidelines,’’ Burnett said in a Bloomberg interview. “There are a lot of gaps in this market right now, that when traditional asset managers want to get involved, these gaps would prevent them from doing so effectively.”
The San Francisco-area based startup has raised $5 million in seed money provided by Wicklow Capital, Sierra Ventures, DCG, Clocktower Ventures and ThirdStream Partners.
Liang and Burnett both worked in the emerging-technologies division of State Street.
“Everything was going well at State Street and I loved the entire experience, but this opportunity was something I saw and had to jump on to,’’ Burnett said. “If you’d asked me or Hu two years ago if we’d be starting a company in this space, we would have probably laughed a bit.”