Sibex, the Zug-based startup with offices in China and Hong Kong is offering a decentralized peer-to-peer cryptocurrency-trading platform. The startup has raised CHF 1.8 in its seed round from China-based Fenbushi Capital, SIX and Accomplice VC.
The Sibex peer-to-peer protocol and the Sibex client leverage blockchain technology to remove intermediaries and enable professional traders to trade the world’s most popular crypto-assets with one another directly. The platform currently allows trading in bitcoin (BTC), ether (ETH), Tether (USDT) and ERC20 tokens. Unlike centralized exchanges, traders using Sibex’s software maintain custody of their assets during trades.
By providing an institutional-grade dark pool for digital asset procurement and liquidation and enabling cross-chain transactions, the Sibex protocol solves issues such as front running whereby, those with advance knowledge of a large buy or sell order can manipulate the price of the asset and make a profit. By enabling traders to maintain custody of their assets throughout the trade settlement, Sibex prevents such occurrences and increases market integrity.
The startup has now obtained CHF 1.78 million (€1.61 million) in its seed funding round from China-based Fenbushi Capital, SIX, the Swiss financial infrastructure provider; and specialist blockchain investment Accomplice VC.
“People are rapidly realizing the value of trading digital assets, resulting in an inevitable shift towards the digitization of wealth. However, we are still at an early stage in the development of this technology and the resulting lack of infrastructure for OTC trades can present issues that alienate institutional investors used to a certain quality of service, said Daniel Haudenschild, CEO of Sibex. The startup is committed to solving existing problems while also exposing professional traders to a new world of trading strategies and opportunities. The support of Fenbushi Capital, SIX, Accomplice, and our other investment partners is invaluable in helping us to achieve this goal.”
Commenting on the investment, Bo Shen, Founding Partner, Fenbushi Capital, said, “We’re reaching a tipping point for institutional investor interest in digital assets trading. The right infrastructure for securely and privately trading large block orders is a vital piece of the puzzle, and the Sibex protocol is the perfect solution to fill that space. We’re extremely excited to partner with Sibex and assist in bringing the opportunities that this platform represents to traders around the globe.”
(Press release)
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