CloseCross raises £2.3m from Amnis Ventures to develop its derivatives trading platform
Amnis Ventures backed the London fintech to support platform development and expand market access.
CloseCross operates a decentralised derivatives trading platform that relies on multi-party settlement mechanisms. The application is currently available in beta across 140 countries.
London based fintech CloseCross has raised £2.3m from Amnis Ventures to develop its decentralised derivatives trading platform. The fresh capital will support ongoing efforts to expand user access and platform development.
Founded in 2019, the company provides a multi-party settlement mechanism designed to replace traditional bilateral contracts with collective smart contracts. Its mobile application is currently available in beta across 140 countries.
Amnis Ventures, a private investment firm based in Texas, backed the round, bringing a valuation of $60m. Manuel Silva III from Amnis Ventures has joined the board of directors following the transaction.
From the founder
"The vast majority of people are prevented from participating in the global derivatives trading market through a combination of cost and complexity. The support of Amnis Ventures brings us one step closer towards realising our vision of a valid, fair, and transparent alternative to the current derivatives market, and proves crucial to the continued development of the CloseCross platform and our ongoing efforts to get it into the hands of as many people and partners as possible."
Vaibhav Kadikar
Founder and CEO at CloseCross
Investor perspective
"Multi-party derivatives trading is a compelling development and represents a real paradigm-shift for the market, potentially opening it up to participants from around the globe for whom traditional derivatives trading is both too expensive and too complex. On commercial launch and post regulatory approvals, CloseCross will make it easier for people to participate in trades by helping to reduce unquantified risk, making trading up to 90% cheaper, and providing unprecedented transparency on market prediction evolution in real-time. The platform’s 3-click system will enable participants to quickly and easily commit funds — an innovation with significant market potential. We are proud to support CloseCross’ development and its goal of revolutionising and democratising access to derivatives trading."
Manuel Silva III
President, Amnis Ventures
Use of funds
- 01Continue product development
Investors
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About the company
CloseCross
CloseCross develops a multi-party decentralised derivatives trading platform.