Funding Triumph
BitOoda, the cryptocurrency brokerage based in the United States, recently celebrated a significant milestone by securing a whopping $7 million in funding. This seed round attracted a plethora of high-profile investors, including former senior executives from financial giants like JPMorgan and British Petroleum. So, if you’re keeping score, it looks like BitOoda is winning the blockchain funding game!
A Unique Proposition
Founded in 2017, BitOoda differentiates itself with its unique blend of digital finance and applied science. Not just your average brokerage, BitOoda is raising the bar with its sophisticated financial instruments. They’ve launched two major products: the BitOoda Difficulty, a financial swap, and the BitOoda Hash, a physical hashpower contract. Sounds enticing? We think so!
Meet the Investors
This funding round wouldn’t have been possible without the backing of some notable investors. Among them is Gary Ross, the founder of PIRA Energy and a former head of global oil analytics at S&P Global Platts, alongside Roy Salame, a former managing director at JPMorgan, and Calvin Schlenker, once a senior executive at British Petroleum. If you were to bottle this investment team’s expertise, it would probably be labeled “Success.”
Regulatory Compliance
BitOoda is not just about flashy products and investors; it’s also fully regulated with major U.S. entities. The firm is registered with the SEC and CFTC, operating as a broker-dealer with the Financial Industry Regulatory Authority. Talk about playing it safe in the wild west of cryptocurrencies!
Looking Ahead
According to BitOoda’s founder and CEO, Tim Kelly, this funding opens up exciting growth avenues, especially in Asia, where demand for their services is skyrocketing. Kelly stated, “We are seeing significant interest out of Asia as well as in our advisory services business.” As they plan to expand operations into Asia and even Europe, it looks like BitOoda is gearing up for a crypto-world tour that no one saw coming!
A Promising Future
In a timely release, BitOoda also highlighted a U.S. legislative effort known as the Crypto-Currency Act of 2020, lauding it as a promising development in regulatory range. They argue that it could lead to better coordination among executive branch agencies, moving the digital asset landscape towards modernity. Because after all, who wouldn’t want to refresh those 1930’s laws hanging around like a dusty old portrait?
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