Andy Cheung, the former chief operating officer of global crypto exchange OKEx is looking to raise $40 million for his own crypto derivative venture ACDX. He is planning to do so by offering a token sale, significant equity investments, via his family offices in Asia and Europe.
Cheung left his top position at OKex in a bid to launch his own blockchain consultancy in Hong Kong, last December. Seeing the increasing demand for crypto derivatives, he went solo and now is on the precipice of starting the services by quarter-end.
ACDX will be the platform which will grant access to retail clients, who have a hard time in making their way through derivative exchanges which are primarily institution-focused. It would also provide wealthy managers with a more enhanced way to manage their investments, according to Andy Cheung.
“One of our main goals for the exchange is to provide retail investors with … structured products that are more commonly used by accredited crypto investors and wealth managers”, said Andy Cheung to the publication.
What’s Next For ACDX?
In the coming quarters, ACDX is planning to add plenty of investment instruments including futures, options, callable bull/bear contracts, warrant contracts, and fixed coupon notes. The main focus of Andy Cheung is to rule the Asian markets, where the demand for such services are sky-high. Andy also said that out of the $4 million which the new venture is currently backed by, is provided by the co-founders. He further stated that the talks are underway with investors to raise further funds for ACDX in the next couple of months.
“The firm now has more than 25 employees, including eight developers that build and maintain the exchange’s infrastructure. It is focusing on developing the products and the platform to make sure products will be smoothly traded after the launch.” Chang concluded.
Meanwhile, Andy Cheung’s former company OKEx continues to dominate the market, and it is currently one of the leading digital assets, averaging daily with over a billion trade.