Los Angeles based algorithmic cryptocurrency trading startup has raised $22.7m in Series A financing, led by Tribe Capital.
The startup’s main clients include hedge funds and family offices, which are likely to be trading larger amounts of cryptocurrencies. Despite the recent tumble in the price of Bitcoin from its record late last year, SFOX said that its user base is still growing rapidly and that institutional interest has remained resilient. SFOX is vying for a highly coveted customer base. Earlier this year, for instance, Coinbase Inc. launched Coinbase Prime, a product geared specifically for institutional investors. Even Wall Street firms like Goldman Sachs Group Inc. are looking at ways they could get involved.