Bitcoin Exchanges News

BitMEX Ventures Invests in Capital Markets Software Builder FinFabrik

FinFabrik, via Facebook

FinFabrik, a Hong Kong-based fintech startup developing capital markets software, has raised an undisclosed amount in a seed funding round led by BitMEX Ventures, the investment arm of Seychelles-based HDR Global Trading Ltd., the operator of the BitMEX cryptocurrency exchange and derivative trading platform. The startup said it will use the new capital injection to expand its FinFabrik platform capabilities and develop new products based on digital assets.

“Our team is focused on creating solutions that enable asset owners to deploy their assets and liabilities,” said Alex Medana, co-founder and CEO of FinFabrik.

“The successful closing of our seed round with support from leading institutional investors is a major milestone for FinFabrik. With this vote of confidence and continued support from our key partner BitMEX Ventures, we are now markedly closer to realizing our vision of making investment opportunities broadly available for everyone.”

Founded in 2016, FinFabrik creates software-as-a-service (SaaS) applications to facilitate trading multiple assets such as equities and cryptoassets. Its suite of solutions includes BrokerFabrik, a platform that enables brokerages to run their entire equity trading business on one innovative platform, lower technology costs and drive client engagement, and CryptoFabrik, a cryptoassets trading platform for institutions and professionals.

As a B2B SaaS provider, FinFabrik has two categories of clients: institutions such as banks, brokerages, and wealth management firms looking to upgrade their technology, and companies dealing with newer asset classes such as cryptocurrency.

The founders of FinFabrik have been named among the top fintech influencers in the Asia-Pacific region and the company’s mission is to transform financial services leveraging blockchain and artificial intelligence (AI) and make investment available to anyone.

“We firmly believe we can achieve that with better technology and user experiences,” says Dr. Florian Matthaeus Spiegl, co-founder and COO of FinFabrik.

Especially in Southeast Asia, penetration of wealth management and trading services is still fairly low, as traditional institutions running outdated technology cannot afford to serve people without much capital to invest, he explains.

BitMEX is a bitcoin derivatives platform designed to cater to professional investors. The platform hit the industry record of more than 1 million bitcoin traded within 24 hours in August 2018.  

BitMEX Ventures, which was founded last year, is the corporate venture arm of the company. It builds and oversees an investment portfolio of crypto and fintech companies developing innovative financial products complementary to BitMEX’s core businesses. Besides FinFabrik, another of BitMEX Ventures’ portfolio companies is Blockfolio, which announced a US$11.5 million Series A financing round in October that counted BitMEX Ventures as an investor.

“BitMEX Ventures is dedicated to supporting the growth of financial infrastructures surrounding emerging asset classes, such as cryptocurrencies, and supporting the world’s most innovative blockchain startups,” said Arthur Hayes, co-founder and CEO of BitMEX.

“We believe in FinFabrik’s highly-capable team and its mission of creating institutional-grade investment opportunities that allow everyone to participate in building their own wealth. We strongly believe in financial inclusion opportunities and the technology created by FinFabrik will have a lasting impact on the next generation of professional trading tools for digital assets.”

Read More

Huobi to Launch Crypto Exchange Dedicated to EOS

Huobi Pool, Huobi Group’s cryptocurrency mining arm, will launch a EOS-dedicated cryptocurrency exchange in Q1 2019, the company said last week. The new exchange will allow users to trade EOS against “a number of other cryptocurrencies.”

Cao Fei, CEO of Huobi Pool, said launching an EOS exchange “is simply the next logical step in our support” as an EOS super node.

Huobi Pool said it has been working closely with the EOS community since the launch of the business earlier this year. Among other initiatives, it collaborated with other block producers to build an EOS test chain, the Crypto Kylin Testnet, where EOS-based projects can be tested. Huobi Pool also developed a voting platform for EOS holders and set up an EOS community to make holders more aware of node elections.

EOS is the native cryptocurrency of the EOSIO blockhain protocol. EOSIO operates as a smart contract platform and decentralized operating system intended for the deployment of industrial-scale decentralized applications through a decentralized autonomous corporation model. The smart contract platform claims to eliminate transaction fees and also conduct millions of transactions per second.

Block.one, a company registered in the Cayman Islands, is the developer of EOSIO. In June 2018, the company raised US$4 billion in the world’s largest initial coin offering (ICO) to fund the development of the platform.

Singapore-headquartered Huobi operates the third largest cryptocurrency exchange, handling around half-a-million dollars worth of trades every day, according to data from Coinmarketcap. It recently added EOS contracts on its derivatives platform Huobi Derivative Market.

The announcement of the EOS-dedicated cryptocurrency exchange comes at a time when Huobi is actively expanding its ecosystem. Last week, it announced the release of the whitepaper for Huobi Chain, a public blockchain project focused on security, transparency and fast and high frequency transactions, the company claims.

Huobi has also been expanding into other geographical markets including Russia, Indonesia, Taiwan, the Philippines and Canada.  

Earlier this month, the company was granted a full Distributed Ledger Technology (DLT) license by the Gibraltar Financial Services Commission (GFSC).

Lester Haoda Li, the head of Huobi’s global institutional business based in the company’s London office, said:

“Our Gibraltar DLT license will allow us to open a fully-regulated exchange for our global institutional clients and retail clients alike, so this is a big win for Huobi and a very positive step forward for our global strategy.

“Among other benefits, our DLT license will allow us to open doors to more institutional investors who were previously unable or unwilling to get involved in an unregulated sphere.”