London-based crypto derivatives providers, Skew, recently introduced a platform for trading that would help its institutional users to liquidate across the crypto capital market and has also earned $5 million in a funding round.
The participants of the round were Octopus Venture, the leading firm in the funding round, Digital Currency Group and many existing investors.
The data analytics platform for cryptocurrency markets has been planning to use the fund to increase its engineering team and enhance the strategy for distribution.
On April 29, 2020, the new trading platform for institutional investors by Skew is known as skewTrading.
The platform helps the institutional investors to get linked with the listed market makers and the over-the-counter product which includes spot, futures and options.
Initially, the platform would allow the execution of block trades of CME group which has been backed by the OTC.
Now the Skew would manage, two key products on its platform i.e., skewAnalystics and skewTrading.
It has been notified that Skew has been appointed as a representative of Kyte Broking, a London-based inter-dealer broker, with the UK Financial Conduct Authority.
Skew has mentioned that in the year 2019, more than $10 trillion abstracts of derivatives contracts recorded on the exchange were implemented by Kyte and the platform has almost 3,000 institutional clients.
It further stated that for firms own skewAnalytics product, Skew has more than 1,000 users who are the part of over 600 companies in the industry.
A report suggested that since February 2020, the professional user base of the product is growing rapidly.
The co-founder and the CEO of Skew, Emmanuel Goh, commented on its recent launch and fundraised. He stated, “The goal is to become more like a Bloomberg for crypto - data meets trading”.
Skew was founded in the year 2018, and since then, total fundraised by the company is $7 million. In the year 2019, the firm earned $2 million to create a skewAnalytics product.
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