SFOX raises $23m funding for crypto asset management platform
California-based SFOX, a cryptocurrency dealer for traders and investors, has raised $22.7 million in Series A funding.
The round was led by Tribe Capital and Social Capital, with participation from Y Combinator, Khosla Ventures, DHVC, Blockchain Capital, Upside Partnership, SV Angel, DCG, Mark Britto, and Airbnb co-founder Nathan Blecharczyk.
“The distributed nature of cryptocurrency has given rise to a large breadth of exchanges around the globe, creating a fragmented market and limited liquidity,” says Akbar Thobhani, CEO of SFOX.
Thobhani adds that over the last four years, it’s been able to provide “a single point of access” via its routing technology to connect these global markets and exchanges.
With this round of financing, SFOX says it wants to move beyond its dealer position to building out the rails and infrastructure to become a crypto asset management platform.
This will involve offering various products, including security and risk management, and licences to access new markets.
Founded in 2014, SFOX adds that it has had over $9 billion in transaction volume to date.