Globe, a cryptocurrency derivative exchange, recently raised $3MM from a group of investors, including Pantera Capital, Tim Draper and Y Combinator. With the new funding, Globe is looking to launch its trading platform in the “next few weeks” and scale it from there. CEO James West told The Block that Globe is aimed at serving institutional customers with new products and a better trading experience. A Pantera Capital partner, Paul Veradittakit, commenting on raise stated, “we’re seeing a wave of interest in crypto assets from major banks, fintech companies and portfolio managers. Globe has built the platform and products that these sophisticated market players need and expect.”
“Globe is on a mission to unlock frictionless access to global alpha for everyone. We’re building solid infrastructure, solving the overload problems that have wrecked the fortunes of so many traders, pushing up the standards of integrity in the space and building out new products – like VIX – that traders like ourselves want to see.” – CEO of Globe
According to The Block, West said his company has been built with a proprietary order-matching and risk engine called Thor, which would “rival Nasdaq in terms of latency and throughput.” Globe is hoping to attract institutional liquidity providers to its platform following its raise. West stated “we provide for them seamless integration and the usual riches of traditional futures exchanges like CME Group, the New York Stock Exchange, Japan Exchange Group, etc. After that we are targeting the kinds of quantitative investment funds which now are thinking about a crypto desk or two, enabling them to make the kinds of trades they make in traditional markets.”
West said, “you could call us Coinbase for derivatives,” referring to Y Combinator’s backing. Coinbase received backing from Y Combinator in 2012 and it is currently the venture firm’s fifth-ranked investment by valuation.
The above references an opinion and is for information purposes only. It is not intended to serve as investment or legal advice.