Airbnb Co-Founder Backs $23 Million Funding Round for Institutional Cryptocurrency Dealer

Institutional-grade cryptocurrency prime dealer SFOX has raised nearly $23 million to fund the development of full-featured asset management platform for large-scale cryptocurrency investors.

Announced on Thursday, SFOX’s $22.7 million Series A funding round was led by Tribe Capital and Social Capital, and it also included investments from Y Combinator, Khosla Ventures, Blockchain Capital, and Airbnb co-founder Nathan Blecharczyk.

SFOX helps institutional investors execute large cryptocurrency trades, routing orders through a myriad of exchanges and over-the-counter (OTC) trading desk, enabling them to capture the best available prices while also minimizing the impact that large orders have on cryptocurrency prices in the spot markets.

“The distributed nature of cryptocurrency has given rise to a large breadth of exchanges around the globe, creating a fragmented market and limited liquidity,” said Akbar Thobhani, CEO of SFOX. “Over the last four years, we’ve been able to provide our clients a single point of access and the best price execution by building the necessary smart routing technology to navigate and connect these global markets and exchanges.”

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