According to a recent report, a renowned digital asset platform just completed the first phase of funding.
The company executives planned this process well and managed to attract hundreds of investors from all across the globe. One of the notable investors is a Hong Kong billionaire who is also ranked among the top wealthiest people in the world.
The platform gained a massive reputation across the globe for being one of the most transparent and progressive cryptocurrency platforms in the current digital world. The platform was developed by Intercontinental Exchange (ICE), and the first phase of funding came to a close on 31 December 2018.
Reports indicated that the company managed to raise more than $180 million from investors. The funds will be used to promote the operations of the company.
Apart from the Hong Kong billionaire, other notable investors include a venture capital arm, a massive consulting group and a fintech company that is also popular in the digital space.
The billionaire, who is reportedly the 23rd wealthiest man in the world today, has invested in some tech start-ups in multiple industries over the last ten years.
Notably, this is not the first time that he has invested in a company that deals with blockchain and cryptocurrencies. In 2013, the billionaire invested in bitcoin payment processing software called BitPay.
And in 2016, he invested thousands of dollars in a blockchain technology service provider, Blockstream.
The digital asset platform’s management team has announced that plans are underway to create a digital asset platform that will be capable of hosting institutional grade futures contracts for cryptocurrencies such as bitcoin.
Most of the investors were motivated to invest in this company after realising the potential of such a platform in the current wake of blockchain technology.
A company owned by the billionaire was among the first companies to invest in the platform followed by several major financial companies and tech firms.
The new platform will benefit tremendously from the reputation of these lead investors in the market. Concisely, they will gain massive recognition that will boost their brand awareness efforts.
Institutional backing will also significantly reduce one of the problems that have been affecting cryptocurrency markets for decades, volatility. One of the attributes that will set the platform apart from the competition is the physically delivered crypto futures. Most of the companies offering similar services, CME and CBOE settle contracts in fiat currency.
The company’s contracts will be cleared and warehoused through ICE’s the United States based futures exchange and clearing house.
Individual crypto traders who have a small bankroll are also waiting eagerly for the full launch of the company’s contracts that are scheduled to happen on 24 January 2019.
Regulatory setbacks caused the delay, but the company has managed to resolve them. Already, the company has applied for a license from U.S Commodity Futures Trading Commission.