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HomeNewsEx-OKEx COO Aims to Raise $40M for His New Crypto Exchange

Ex-OKEx COO Aims to Raise $40M for His New Crypto Exchange

Andy Cheung, the former chief operating officer (COO) of global crypto exchange OKEx, is planning to raise $40 million for his new crypto derivatives exchange ACDX.

As reported by Coindesk on Thursday, Cheung aims to raise the amount via a token sale and equity investments from crypto funds, private equity firms, and family offices from Europe and Asia.

Cheung resigned from one of the top positions at the leading crypto exchange last December to launch his own blockchain consultancy company in Hong Kong.

However, with the increasing demand for crypto derivatives, he decided to launch his own platform and is now planning to start the services by the end of this quarter.

The upcoming platform will also grant access to retail clients who, otherwise, struggle to gain access to primarily dominated institution-focused derivative exchanges. The platform will also target lucrative institutions and, per the founder, will give wealth managers a better way to manage investments.

“One of our main goals for the exchange is to provide retail investors with … structured products that are more commonly used by accredited crypto investors and wealth managers,” Cheung told the publication.

A wide selection of investment instruments

Over the coming quarters, the Seychelles-based exchange is aiming to add multiple investment instruments, including futures, options, callable bull/bear contracts, warrant contracts, and fixed coupon notes.

With the new platform, he is aiming to capture the Asian markets where the demand for such services is constantly increasing.

Cheung also revealed that the new venture is currently backed by over $4 million, most of which were the funds from the co-founders. The company is already in talks with new investors and is hoping to bring more proceeds in the next couple of months.

Meanwhile, OKEx continues to be one of the leading digital asset trading platforms with over a billion US dollars in daily average trades.


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