BTC.sx, the world’s first bitcoin derivative trading platform, has brokered over USD35m in trades since its foundation and is preparing for more growth as its user base passes 3,300 active users.
BTC.sx provides an intuitive FX style trading platform enabling users to profit from rising or falling Bitcoin prices.
BTC.sx interfaces entirely in Bitcoin with no need for a USD / fiat balance to enter both long or short positions, allowing users to hedge bitcoin positions. The service is the first of its kind, and since launch has seen rapid growth in global demand for the service from traders around the world.
Founded by Joe Lee in May, BTC.sx was funded by USD150,000 of his own savings. Formerly of Barclays and Macquarie Bank, Lee created the trading platform in his spare time, however, when BTC.sx reached profitability in less than two months, Joe left to focus full time on the venture.
BTC.sx has also hired two new employees: Vincent Hoong, chief financial officer, a PwC qualified chartered accountant from Barclays; and James Turner, chief technology officer who was a senior software engineer at Ebay where he worked with third party shopping cart vendors, supplying SDK’s for integration into Ebay infrastructure.
With such high demand and growth in such a short time, BTC.sx is attracting interest from VCs and investors.
The company is in the late stages of a seed round, and will use the funding to expand the BTC.sx team and diversify the product platform to serve a greater number of users.