Crypto trading platform CrossTower announced Monday that it had raised $6 million in a seed funding spherical led by European tech investor Gerard Lopez.
CrossTower acknowledged its platform helps extremely-active inform books and tight spreads for crypto-to-crypto trading. Launched supreme month, users can currently alternate 9 of basically the most often traded cryptocurrencies on the crypto alternate operator’s platform, at the side of Bitcoin, Ether, XRP and Zcash.
The company’s co-founder and president, Kristin Boggiano, acknowledged CrossTower was launched at a time of swap within the financial markets.
“Jurisdictions and governments all around the realm are increasingly extra embracing crypto finance to avail extra atmosphere tremendous price, trading and funding providers,” she acknowledged.
She added that while the company is now not chasing a selected quantity of users, its mission is to earn investing in digital resources extra mainstream.
“While CrossTower objectives at a wide market, the institutional-ready approach is one in every of the founders’ most attention-grabbing and distinguishing strengths,” acknowledged Gerard Lopez, talking about what attracted him in direction of making an funding in CrossTower’s platform.
CrossTower’s co-founder and CEO, Kapil Rathi, claimed that what distinguishes the company’s trading platform from all the others on the market was its “receives a commission to alternate” pricing model. Per Rathi, the model upsets the place of residing quo by offering rebates to takers and charging a nominal rate to market makers.
“This rate structure is designed to blueprint traders to the scheme as we’re going to have the flexibility to pay takers of liquidity 1 bps of the price of every alternate,” Rathi acknowledged.
In his stare, the model might maybe perchance offer tall liquidity to market makers.
The leader in blockchain news, CoinDesk is a media outlet that strives for the supreme journalistic standards and abides by a strict space of editorial insurance policies. CoinDesk is an self ample working subsidiary of Digital Currency Neighborhood, which invests in cryptocurrencies and blockchain startups.