Mobile trading platform CloseCross gets $3m funding
CloseCross, a decentralised derivatives trading platform, has opened its investment round with $3 million backed by Amnis Ventures, a venture fund based in Houston, Texas.
The investment puts CloseCross, which is still in beta for iOS and Android, at a post-money valuation of $60 million.
The firm didn’t release the target funding for the round.
CloseCross is deploying patented multi-party settlement mechanisms and proprietary algorithms. Its aim is to create a derivatives environment where market participants enter collective smart contracts instead of traditional one-to-one contracts.
Vaibhav Kadikar, founder and CEO of CloseCross, says: “The vast majority of people are prevented from participating in the global derivatives trading market through a combination of cost and complexity.”
Manuel Silva, president of Amnis Ventures, will join the CloseCross board of directors effective immediately.
“On commercial launch and post regulatory approvals, CloseCross will make it easier for people to participate in trades by helping to reduce unquantified risk, making trading up to 90% cheaper, and providing unprecedented transparency on market prediction evolution in real-time. The platform will enable participants to quickly and easily commit funds – an innovation with significant market potential,” comments Silva.
Amnis Ventures was founded in 2013 and focuses on high growth technology, fintech, and energy companies.