London-based FinTech startup skew. is aiming to create the gateway to a cryptocurrency markets and has just picked up $5m to make it happen.
Octopus Ventures, a London-based £1.2bn venture fund, led the round, which also saw participation from Digital Currency Group, Firstminute Capital and Seedcamp.
Founded by two former J.P. Morgan and Citigroup equity derivatives traders in 2018, skew. has so far raised $7m in funding.
The startup will use the money to grow its engineering team and its distribution capabilities.
skew. also announced the launch of skewTrading, a trade execution service allowing institutional users to access liquidity across crypto capital markets. The new trade execution and electronic brokerage platform is set up to connect institutional investors with liquidity providers across listed and over the counter products, ranging from spot to futures and options.
Moreover, skew. announced a new partnership with Kyte, an established regulated inter-dealer broker headquartered in the UK. skew. has, as part of the partnership, become an appointed representative of Kyte with the UK Financial Conduct Authority, making it possible for skew. customers to trade derivatives in a regulated environment.
“This is a fantastic time to be building a FinTech startup,” skew. said in a statement. “Thanks to the emergence of the cloud and an abundance of powerful APIs, it is now possible for a very lean team to build credible and modern financial services. Launching our products would have required without a doubt much larger teams and resources only ten years ago. Our ambition at skew. is to leverage technology extensively in order to build simple and elegant products.”
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