Multi-currency spot and futures trading platform BTSE has announced that it has concluded a Series A funding round. Thereby raising its valuation to $400 million.
Notably, the crypto exchange concluded the funding round on January 31, whereby it raised $22 million. According to a press release from the company, the funding round attracted different investors including family offices. BTSE noted that the primary family office investor is based in Hong Kong.
Speaking during the announcement, Jonathan Leong, co-founder, and CEO of BTSE noted that the funding will go a long way in supporting its crypto exchange venture. “Investment is of course critical as we transform into a comprehensive digital bank encompassing both fiat and cryptocurrencies, and to have achieved a $400 million valuation on the basis of recent funding attests to this vision and to the broad health of the digital currency ecosystem.”
Founded back in 2018 after the 2017 bull rally, BTSE has grown to a major crypto exchange offering different services. The crypto exchange business is a billion-dollar industry that has not fully been ventured to link the digital assets industry with the traditional banking system.
According to market data provided by CoinGecko, the BTSE crypto exchange is ranked position 86 in terms of daily trading volume. Whereby it recorded a volume of approximately $131,444,668. Notably, the firm is mostly considered to be centralized and offers up to 20 coins with 20 pairs for exchange.
Some of the notable features that distinguish BTSE from other cryptocurrency exchanges include futures with up to 100X leverage. Notably, BTSE has multiple settlement channels that include Swift transfers, on platform transfers, the use of stablecoins, and the global P2P marketplace.
Moreover, BTSE has strict security protocols that ensure customers’ funds are safe. Whereby it stores the funds in cold wallets that are only accessible via multiple access keys, active firewall protection, multi-site data redundancy, and two-factor-authentication with enhanced verifications and HTTPS/SSL encrypted protocols.
Notably, BTSE launched an exchange token last year to enhance users’ experience in the ecosystem. The token runs on Liquid, which is a Bitcoin sidechain-based settlement network both for exchanges and traders. According to market data provided by CoinGecko, BTSE token was trading around $1.44 after adding 5.4% in the past 24-hours. The token has a market capitalization of approximately $13.7 million, with a daily trading volume of $15k. Currently, there are 9,555,239 units of BTSE tokens in circulation out of the possible 200 million.