Seattle Cryptocurrency Startup Raises Over $1.6 Million in Seed Funding
Seattle digital currency startup Strix Leviathan has accumulated over $1.6 million USD in seed funding from a wide range of investors, including VC firms and former NFL players. It’s proof that in a world of volatility, scams and rejection from major players like Google and Facebook, cryptocurrency retains a healthy portion of its popularity.
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Here’s a Little History
First arriving on the scene in 2016, Strix Leviathan is looking to introduce a new cryptocurrency trading platform designed strictly for management institutions and similar enterprises. The company is led by Jesse Proudman, a former Blue Box and IBM executive who claims that cryptocurrency exchanges are still “very immature.”
The entrepreneur said that approximately $15-20 billion in cryptocurrency moves through global exchanges each day, but their limited infrastructures can often place barriers on the kinds of coins users can trade.
“A single cryptocurrency is listed on tons of exchanges,” he explained. “The challenge is providing a traditional trader a mechanism to trade that same unit across all exchanges efficiently.”
This gave him the idea for Strix Leviathan. The company seeks to provide institutional traders (i.e. Goldman Sachs, JPMorgan, etc.) with “algorithm-powered tools,” so they can trade cryptocurrencies amongst multiple exchanges. Currency data is ingested from several sources, which Proudman claimed could ultimately build stronger trading strategies for clientele.
“We’re building picks and shovels; tools for this space, versus a platform or protocol or token,” he stated. “We are starting to see some level of fatigue in the investor community in those platform, protocol or token pitches, but there is still a ton of opportunity for companies building those pick and shovel types of technology.”
Seattle Part of a Growing Technological Region
Seattle is proving to be a hotspot for blockchain and cryptocurrency-related companies. In February, for example, Reflective Venture Partners – along with blockchain company RChain Cooperative – launched a new enterprise in the Washington city that thus far, has invested nearly $200 million USD in new blockchain startups, panels and meetup groups within the area.
Proudman, already well known in Seattle, believes the city is poised to potentially lead the blockchain revolution in the coming months. He also suggested that digital currency regulation will “crystalize” this year, and feels it could help the cryptocurrency market to adapt, grow and legitimize accordingly.
“That will bring a considerable amount of institution capital into these markets,” he explained. “Our belief is that as that happens, institutional capital will need a technology platform they can use to effectively research their trading strategies and actually implement those strategies and trades.”
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