Crypto buying and merchandising platform CrossTower introduced Monday that it had raised $6 million in a seed funding spherical led by European tech investor Gerard Lopez.
CrossTower mentioned its platform helps highly-active order books and tight spreads for crypto-to-crypto buying and merchandising. Launched final month, customers can at the moment commerce 9 of probably the most steady listed cryptocurrencies on the crypto trade operator's platform, together with Bitcoin, Ether, XRP and Zcash.
The agency's co-founder and president, Kristin Boggiano, mentioned CrossTower was launched at once of change inside the medium of exchange system markets.
"Jurisdictions and governments around the world are increasingly embrace crypto finance to avail more efficient payment, trading and investment services," she mentioned.
She added that whereas the agency isn't chasing a particular measure of customers, its mission is to make investment in digital property extra mainstream.
"While CrossTower aims at a wide market, the institutional-ready approach is one of the founders' most appealing and characteristic strengths," mentioned Gerard Lopez, talking about what attracted him in the direction of investment in CrossTower's platform.
CrossTower's co-founder and CEO, Kapil Rathi, claimed that what distinguishes the agency's buying and merchandising platform from all of the others available on the market was its "get paid to trade" pricing mannequin. According to Rathi, the mannequin upsets the established order by providing rebates to takers and charging a nominal charge to market makers.
"This fee structure is designed to draw traders to the system as we will pay takers of liquidity 1 bps of the value of each trade," Rathi mentioned.
In his view, the mannequin may present substantial liquidity to market makers.
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