Skew, a cryptocurrency market data provider, announced on Wednesday the closure of a fresh funding round, raising $5 million.
The round was led by Octopus Ventures, a London-based fintech-focused venture fund, along with participation from Digital Currency Group and existing investors including Firstminute Capital and Seedcamp.
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The London-based analytics company raised $2 million last September in a seed round, bringing the total investment to $7 million.
As the company described, the fresh proceeds will be utilized to further expand its engineering team and enhance its distribution capabilities.
A new product in the offering
Apart from the funding, the data provider also launched skewTrading, a new trade execution and electronic brokerage platform, providing liquidity to institutional investors.
The platform will support over-the-counter (OTC) block trades of CME Group for Bitcoin futures and options.
“The industry remains in its infancy with the “institutional moment” for crypto still ahead of us,” Emmanuel Goh, CEO at skew, said. “We want to position skew as the gate to the cryptocurrency markets for professional market participants where they can access real-time analytics and liquidity networks using the same account.”
skewTrading was developed in partnership with Kyte Broking which will act as its appointed representative with the UK Financial Conduct Authority.
A tie with Kyte is also essential as it has around 3,000 institutional clients on-board, executing over $10 trillion notional of exchange-listed derivatives contracts in 2019.
“We are excited about this unique partnership with Kyte Broking. The combination of our expertise in cryptocurrency derivatives with their experience operating within regulated traditional capital markets will allow skew to be a natural choice for financial institutions looking to enter the cryptocurrency markets,” Goh added.