The skew Analytics company raised $5 million in a new round of funding and launched the skewTrading platform for institutional investors, which allows trading futures and options on BTC.
The main participants in the funding round were Octopus Ventures, Digital Currency Group, Firstminute Capital and Seedcamp. Emmanuel Goh, co-founder and CEO of Skew, said that he plans to use the raised capital to expand the technical team and improve the product promotion strategy. Note that last year, the firm has already raised $2 million to develop the analytical service skewAnalytics.
The skewTrading platform will allow institutional investors to access the liquidity of the cryptocurrency market and interact with market makers on OTC products and assets placed on the platform. skewTrading also supports over-the-counter trading of bitcoin futures and options on CME. In addition, before launching the new platform, Skew entered into a partnership with the London-based regulated brokerage company Kyte Broking.
According to the head of Skew, in 2019, Kyte Broking executed more than $10 trillion of derivative contracts for cryptocurrencies and works with 3,000 institutional investors. Goh added that the skewAnalytics product is used by more than 1,000 corporate users from 600 companies, and since mid-February, the firm’s user base has doubled. Skew intends to become a “giant like Bloomberg” in the cryptocurrency industry, combining Analytics and trading.
Recall that this month Skew predicted a low probability that by the end of the year bitcoin will reach a new record high, and in the fall reported a noticeable decrease in liquidity on cryptocurrency exchanges.