BitOoda, an SEC-licensed digital asset brokerage platform, has closed its seed funding round after raising $7 million.
Announced on Monday, the financing round was participated by big industry names including Gary Ross, former head of global oil analytics at S&P Global Platts and the founder of PIRA Energy; Calvin Schlenker, former head of North American natural gas trading at British Petroleum; and Roy Salame, former head of commodities sales and structuring at JPMorgan.
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Commenting on the fresh funds, Tim Kelly, chief executive of BitOoda, said: “I am thrilled by the explosion of interest in BitOoda’s unique business model, and the recognition of our pioneering success in bringing new, sophisticated products to the digital asset market.”
The CEO also explained that the fresh proceeds will be utilized in expanding the company’s presence in the United States and also in the international markets of Asia and Europe.
“At BitOoda, we are never happy doing things in the same way as our competitors, and we are focused on creating new market sectors where we can leverage our team’s unique expertise in capital markets, physics, and engineering. We are excited about the growth opportunities this seed round will enable, and plan to position ourselves to meet the soaring demand for our innovative solutions – both here in the U.S. and increasingly across Asia and Europe,” Kelly added.
Bringing best crypto deals to institutions
Founded in 2017, the New Jersey-based platform primarily serves institutional clients. As an agency broker, it offers its clients with best execution deals when making crypto trades.
Apart from that, the firm was also involved in the design and execution of bitcoin difficulty financial swap and a physical hash power contract, thus growing its offerings in the financial services.