Globe, a relatively new cryptocurrency derivatives exchange has announced the completion of its seed funding round. In this funding round, the yet-to-launch derivatives exchange is said to have raised an amount of $3 million. Globe intends to use these raised funds for launching the trading platform in the coming weeks.
A Funding Round Backed By Y Combinator and Pantera Capital
The American seed money startup accelerator Y Combinator, Tim Draper’s investment firm Draper Dragon Fund, the early-stage venture capital company Wavemaker Partners, the blockchain investment fund Pantera Capital, and various other firms participated in this seed funding round of Globe and helped the exchange to secure $3 million out of it.
While speaking in reference to the backing investment of Y Combinator, the Chief Executive Officer (CEO) of Globe James West said in a statement, “I guess you could call us Coinbase for derivatives.” Y Combinator also backed the major cryptocurrency exchange Coinbase through an investment in the past. By valuation, it was the fifth-largest investment made by the venture capital firm in Coinbase.
Pantera Capital’s partner Paul Veradittakit said that a huge “wave of interest” from top fin-tech firms, portfolio managers, and banks has been witnessed in digital assets. Globe has developed products and a platform for these major market players that they are looking for.
The company behind Globe is planning the launch of this derivatives exchange in the next few weeks. Based in London, the exchange has been registered in Seychelles. The famous cryptocurrency derivatives exchange BitMEX is also registered in Seychelles. Reportedly, Globe will not be accessible to the citizens of the United States.
Globe aims to serve institutional clients
West said that the main aim of this derivatives platform will be to provide institutional clients with a good trading experience by offering them new trading products. These products will fulfill their needs.
They are planning on gaining the attention of institutional liquidity providers at the beginning. Once the exchange is succeeded in getting their attraction, it will be “targeting the kinds of quantitative investment funds which now are thinking about a crypto desk or two, enabling them to make the kinds of trades they make in traditional markets,” he added.