CrossTower raises USD 6 million in financing round

Cryptocurrency exchange CrossTower announced on June 22 a fundraising of $ 6 million in a new round of seed funding led by former Skype and WIX board member Gerard Lopez.

CrossTower raises USD 6 million in financing round

Many goals ahead for CrossTower

Cryptocurrency exchange CrossTower announced on June 22 a fundraising of $ 6 million in a new round of seed funding led by former Skype and WIX board member Gerard Lopez. Kristin Boggiano, Co-Founder and President of CrossTower, said the cryptocurrency industry is experiencing a strong and growing drive for adoption within the financial industry and added: "We are excited to be a new and growing player in this space."

** LayerX, a blockchain technology company, announced on May 28 a revenue of approximately 3 billion yen, which is equivalent to almost USD 28 million, with the aim of promoting the adoption of blockchain worldwide.

For his part, CrossTower co-founder and CEO Kapil Rathi explained some of the company's goals after raising the new round of seed funding: "We have an extremely active order book and tight margins that have attracted quite a bit of liquidity. The close of our round of financing came at the right time as we developed our sales, compliance, development and customer service teams. We are now well positioned to continue to build our platform to forge new relationships and strategic partnerships to offer a broader range of asset and service coverage". He further commented that seed funding could solve important needs that CrossTower users are currently facing: "One of the most urgent needs that our clients face is to get a profitable way to exchange cryptocurrencies, since many of the fees in today's markets are excessive. Our first industry pricing model 'Get Paid to Trade' or Taker-Maker flips the current scenario by charging and lowering customer costs based on the value of the main amount of a transaction. We are very excited about this fee structure because it is attracting traders to help us create liquidity while accelerating the growth of our institutional client and active merchant bases."

** During the recent BlockDown conference, Changpeng Zhao, founder and CEO of Binance, strongly criticized venture capital fundraising using public sales offers, known as IPOs.

Finally Boggiano revealed CrossTower's plans for the short-term future: "We plan to introduce additional" fiat-to-crypto "assets and services, such as derivatives along with additional order types. We also plan to roll out complementary services throughout the trade life cycle, including custody and margin."