CloseCross raises $3m to digitally disrupt derivatives

30 Jan 2019228 Views

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New platform will open door for more people to participate in the financial derivatives market.

London decentralised derivatives trading platform CloseCross has raised $3m in a funding round led by Houston-based Amnis Ventures.

CloseCross is committed to a disruption of the current financial derivatives market by deploying patented multiparty settlement mechanisms and proprietary algorithms.

‘The vast majority of people are prevented from participating in the global derivatives trading market through a combination of cost and complexity’
– VAIBHAV KADIKAR

It aims to level the playing field for people who wish to participate in the multitrillion-dollar financial derivatives market.

Reducing risk

“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 90pc cheaper and providing unprecedented transparency on market prediction evolution in real time,” said Amnis Ventures president Manuel Silva, who will join the company’s board.

“The platform’s three-click system will enable participants to quickly and easily commit funds – an innovation with significant market potential.”

The CloseCross testnet application is currently available in beta in 140 countries across both iOS and Android platforms.

“The vast majority of people are prevented from participating in the global derivatives trading market through a combination of cost and complexity,” said Vaibhav Kadikar, founder and CEO of CloseCross.

“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.”

Editor John Kennedy is an award-winning technology journalist.

editorial@siliconrepublic.com