Crypto Trading Platform CrossTower Raises $6M in Seed Round

Crypto buying and selling platform CrossTower introduced Monday that it had raised $6 million in a seed funding spherical led by European tech investor Gerard Lopez.

CrossTower stated its platform helps highly-active order books and tight spreads for crypto-to-crypto buying and selling. Launched final month, customers can presently commerce 9 of probably the most often traded cryptocurrencies on the crypto change operator’s platform, together with Bitcoin, Ether, XRP and Zcash.

The agency’s co-founder and president, Kristin Boggiano, stated CrossTower was launched at a time of change in the monetary markets. 

“Jurisdictions and governments all over the world are more and more embracing crypto finance to avail extra environment friendly fee, buying and selling and funding providers,” she stated. 

She added that whereas the agency shouldn’t be chasing a selected quantity of customers, its mission is to make investing in digital belongings extra mainstream. 

“While CrossTower goals at a large market, the institutional-ready method is without doubt one of the founders’ most interesting and distinguishing strengths,” stated Gerard Lopez, talking about what attracted him in direction of investing in CrossTower’s platform. 

CrossTower’s co-founder and CEO, Kapil Rathi, claimed that what distinguishes the agency’s buying and selling platform from all of the others in the marketplace was its “receives a commission to commerce” pricing mannequin. According to Rathi, the mannequin upsets the established order by providing rebates to takers and charging a nominal payment to market makers.

“This payment construction is designed to attract merchants to the system as we can pay takers of liquidity 1 bps of the worth of every commerce,” Rathi stated.

In his view, the mannequin also can present substantial liquidity to market makers.