The Zug-based start-up Sibex AG, which has offices in both China and Hong Kong, has received seed funding of nearly 1.8 million francs. As part of this first financing round, the Chinese blockchain specialists Fenbushi Capital, the US venture capitalists Accomplice and the Swiss financial services provider SIX have all invested in the peer-to-peer crypto-trading platform Sibex. The fresh capital is to be used to expand the blockchain-based platform. In this way, Sibex is seeking to increase institutional participation on the OTC market, the most important securities market in the world in terms of size.
The peer-to-peer protocol and Sibex client use blockchain technology for global trading of the most popular cryptocurrencies. In contrast to centralized stock exchanges, traders using the Sibex software maintain custody of their assets during trade settlement. This prevents manipulations and increases the integrity of the marketplace.
The start-up is described as being “committed to solving existing problems while also exposing professional traders to a new world of trading strategies and opportunities”, according to Sibex CEO Daniel Haudenschild in a press release on startupticker.ch.
Bo Shen, Founding Partner of Fenbushi Capital, believes that a tipping point has been reached with regard to the interest of institutional investors in digital assets: “The right infrastructure for securely and privately trading large block orders is a vital piece of the puzzle, and the Sibex protocol is the perfect solution to fill that space. We’re extremely excited to partner with Sibex and assist in bringing the opportunities that this platform represents to traders around the globe”.