Crypto buying and selling platform CrossTower introduced Monday it raised $6 million in a seed funding spherical led by European tech investor Gerard Lopez.
CrossTower mentioned its platform helps extremely energetic order books and tight spreads for crypto-to-crypto buying and selling. Launched final month, customers can commerce 9 of essentially the most often traded cryptocurrencies on the crypto exchange operator’s platform, together with bitcoin, ether, XRP and Zcash.
The agency’s co-founder and president, Kristin Boggiano, mentioned CrossTower was launched at a time of change within the monetary markets.
“Jurisdictions and governments around the world are increasingly embracing crypto finance to avail more efficient payment, trading and investment services,” she mentioned.
She added that whereas the agency shouldn’t be chasing a particular quantity of customers, its mission is to make investing in digital property extra mainstream.
“While CrossTower aims at a wide market, the institutional-ready approach is one of the founders’ most appealing and distinguishing strengths,” mentioned Gerard Lopez, talking about what attracted him in the direction of investing in CrossTower’s platform.
CrossTower co-founder and CEO Kapil Rathi mentioned what distinguishes the agency’s buying and selling platform from all of the others available on the market was its “get paid to trade” pricing model. In line with Rathi, the model 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 model also can present substantial liquidity to market makers.
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