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Former Bank of Fortune executives to set up cryptocurrency platform Omniex, access to $ 5 million seed round of financing

A platform run by former Bank of Fortune executives Omniex has received a $ 5 million seed round of financing that allows institutional investors to buy a wide range of cryptocurrency assets.

The financing will be led by Wicklow Capital, Digital Money Group, Sierra Ventures, Clocktower Ventures and ThirdStream Parterners. This round of funding will be used to develop Omniex's suite of encrypted asset-trading tools, including Bitcoin, ETH and all others Encryption assets considered as goods.

According to Hu Liang, former chief executive of state-of-the-art Emerging Technologies Laboratory at the State Street and now chief executive of Omniex, the startup is seeking to help investors buy and sell large quantities of encrypted assets by offering a huge pool of liquidity.

Although the startup is one of a growing number of companies currently engaged in bringing money to cryptocurrencies, the company looks good and competitive.

Liang also revealed some new information about his founding team, including two other top executives at the State Street Bank who joined Omniex as co-founders: Kamal Mokeddem, technical director, and John Burnett, director of business development already contracted with the company.

This new investment will be used to continue expanding the corporate team.

According to Liang, Omniex will soon add four new members, mostly developers.

Burnett told Coindesk:

"Finally, we want to be in full gear, so that we can roll out a complete product set by the end of this year, the first time it has been designed as an institutional investment and trading platform."

The required architecture

But although it is close by the end of the year, the co-founder, with a background from the Bank, should be able to help attract investors through "good contacts in the capital markets."

Called the Omniex Portfolio Edge, this platform initially caters to quantitative hedge funds and specialty cryptography funds for cryptocurrencies with larger market capitals, and these cryptocurrencies have been identified by U.S. regulators as commodities.

When the platform goes live, the company's founders hope the first products have been completed, providing front-end and back-end operations for cryptocurrency asset trading, including a portfolio management platform, risk analysis tools and connectivity to exchanges, voice brokers and electronics Flow engine.

Some of this seed round of funding will also be used to build products for the rest of the transaction lifecycle, including fund managers, market makers, exchanges, custodians, fund accountants and online cryptocurrencies.

Liang said:

"We are not market makers in themselves and we are not exchanges, so we are looking at all those who are adding value to existing ecosystems by introducing liquidity or storage mechanisms or by regulatory activities. We are cryptocurrencies Ecology System infrastructure.
This infrastructure is what some people in the cryptocurrency arena think of as the key to "the next wave of institutional capital," said Barry Silbert, founder of DCG.

Silbert said:

"To be involved in these markets in a meaningful way, these people will need" institutional-level "cryptocurrency trading tools."
Although the platform will first accept cryptocurrencies with large market cap, the co-founders of the company said they would love to expand the infrastructure to support smaller encrypted assets such as ICO tokens.

This is also expected, given that ICO is a hot topic in the cryptocurrency space, many believe the new funding facility will soon become widespread.

But for now, Omniex has not been given regulatory approval to accept ICO tokens, which in the future may be classified as securities and regulated.

Startups like Templum, and Overstock's tZERO subsidiary, have long had the opportunity to salivate at this opportunity, but for now the opportunity is limited.