The company, which provides swaps to hedge funds and hopes to bring institutional access to bitcoin and other digital finance, says the round was led by Liberty City Ventures.
Other investors that participated in the round include: Jim Pallotta, Red Sea Ventures, Stanley Shopkorn, and Red Swan Ventures.
SolidX’s swaps allow investors to get synthetic exposure to bitcoin through the use of tools already available and that they are familiar with. The funding announced today will be used to pursue growth opportunities down the line.
“Our mission is to enable capital markets participation in the emerging bitcoin ecosystem. We are excited to provide institutions with financial instruments linked directly to bitcoin and blockchain innovations,” said company CEO Daniel H. Gallancy. “Institutional investors have largely been locked out of the bitcoin marketplace given the mismatch between the bitcoin ecosystem and conventional capital markets’ clearing, settlement, custody and regulations. SolidX eliminates this incompatibility and allows for streamlined investing.”
“While many businesses in the digital finance space are focused on technology alone, SolidX is building the financial services plumbing for the ecosystem,” adds President of the firm, David S. Lehmann. “We are excited by the opportunities we see in the marketplace and are determined to build the next-generation financial services company.”