CloseCross, a multi-party, decentralised derivatives trading platform in beta, has opened its investment round with USD3 million backed by Amnis Ventures, a privately owned venture fund based in Houston, Texas.
The investment puts CloseCross at a post-money valuation of USD60 million.
CloseCross is committed to a disruption of the current financial derivatives market by deploying patented multi-party settlement mechanisms and proprietary algorithms. Its aim is to create a derivatives environment where market participants enter collective smart contracts instead of traditional one-to-one contracts. CloseCross’ testnet application is currently available in beta in 140 countries across both iOS and Android platforms.
Vaibhav Kadikar, Founder and CEO of CloseCross, says: “The vast majority of people are prevented from participating in the global derivatives trading market through a combination of cost and complexity. The support of Amnis Ventures brings us one step closer towards realising our vision of a valid, fair, and transparent alternative to the current derivatives market, and proves crucial to the continued development of the CloseCross platform and our ongoing efforts to get it into the hands of as many people and partners as possible.”
Amnis Ventures, a private investment company, was founded in 2013 and focuses on high growth technology, fintech, and energy companies. Manuel Silva III, President of Amnis Ventures, will join the CloseCross Board of Directors effective immediately.
Silva says: “Multi-party derivatives trading is a compelling development and represents a real paradigm-shift for the market, potentially opening it up to participants from around the globe for whom traditional derivatives trading is both too expensive and too complex. On commercial launch and post regulatory approvals, CloseCross will make it easier for people to participate in trades by helping to reduce unquantified risk, making trading up to 90 per cent cheaper, and providing unprecedented transparency on market prediction evolution in real-time. The platform’s three-click system will enable participants to quickly and easily commit funds – an innovation with significant market potential. We are proud to support CloseCross’ development and its goal of revolutionising and democratising access to derivatives trading.”
