Crypto buying and selling platform CrossTower introduced Monday it raised $6 million in a seed funding spherical led by European tech investor Gerard Lopez.
CrossTower mentioned its platform helps extremely lively order books and tight spreads for crypto-to-crypto buying and selling. Launched final month, customers can commerce 9 of probably the most ceaselessly traded cryptocurrencies on the crypto alternate operator’s platform, together with bitcoin, ether, XRP and Zcash.
The agency’s co-founder and president, Kristin Boggiano, mentioned 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 cost, buying and selling and funding providers,” she mentioned.
She added that whereas the agency just isn’t chasing a particular quantity of customers, its mission is to make investing in digital property extra mainstream.
“Whereas CrossTower goals at a large market, the institutional-ready strategy is among the founders’ most interesting and distinguishing strengths,” mentioned Gerard Lopez, talking about what attracted him in the direction of investing in CrossTower’s platform.
CrossTower co-founder and CEO Kapil Rathi mentioned 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 pays takers of liquidity 1 bps of the worth of every commerce,” Rathi mentioned.
In his view, the mannequin can even present substantial liquidity to market makers.
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