CloseCross appoints first chairman

Blockchain-based derivatives trading platform CloseCross has expanded its management team with the appointment of Joseph Portelli as its first chairman. 

Currently Chairman at the Malta Stock Exchange, he brings more than 35-years’ experience of the financial services industry to the fintech company which is planning to launch its trading platform in the first half of this year. 

CloseCross, which has offices in London and Malta, has developed and patented its own derivatives trading platform for customers to invest without the involvement of major banks issuing derivatives or having to take on leverage. It was recently awarded a MIFID II licence, becoming the world’s first blockchain-based derivatives trading platform to secure this, offering increased protection and transparency for customers. 

Portelli started his career in the US in forex trading and has worked for Bank of America, Nomura, Goldman Sachs and The Milburn Corporation before moving to Malta where he worked for Global Capital,  Liongate Capital Management and FMG Funds where he was Managing Director and Chief Investment Officer. 

He was appointed Chairman of the Malta Stock Exchange in 2015 and was also a lecturer at the University of Malta, the Malta Institute of Accountants and the Institute of Investment Analysis. 

Vaibhav Kadikar, Founder and CEO of CloseCross, says: “Joseph’s wide experience and expertise will be a major asset to CloseCross as we develop and expand the business and I look forward to working closely with him.” 

Portelli adds: “CloseCross’ innovative use of smart contracts and blockchain technology sets the platform up to be a trailblazer in the Fintech space, offering investors an opportunity to safely and cost-effectively invest in the financial markets.” 

CloseCross enables investors to forecast movements up or down in global stock market indices, crypto, commodities and stock prices, with customers forecasting correctly being paid out depending on when they invested and how many other investors are participating in the smart contract. 

Charges only apply if investors make a correct forecast and those who get the forecast wrong lose the amount they have invested but are not charged any fees. There are no minimum investment levels for traders.