Commonwealth Invests $15 Million in Crypto Trading Platform Hxro
CoinEdition
Published Jun 02, 2021 11:00AM ET
Commonwealth Invests $15 Million in Crypto Trading Platform Hxro
- Crypto derivatives firm Hxro announced it had raised $15 million in a token sale.
- Hxro raised the fund from hedge fund manager Commonwealth Asset Management.
Crypto derivatives firm Hxro announced it had raised $15 million in a token sale. Hxro did it from hedge fund manager Commonwealth Asset Management.
More so, this is the largest single investor fundraiser Hxro has to date. Besides, the investment comes in the wake of Hrxo Network. Hxro Network is a decentralized protocol that runs on Solana. It gives permissionless access to liquidity on options markets.
The firm has its native token (HXRO) based on the Ethereum network. Moreover, Hedge fund Commonwealth Asset Management participated in the private token sale.
Commonwealth is a global macro and real estate-focused hedge fund. It includes veteran investors like Louis Bacon and Alan Howard. Also, both invested in the forthcoming EOS-based exchange Bullish Global.
In addition, Commonwealth Chief Investment Officer Adam Fisher said they chose to invest because of Hxro’s plans to generate liquidity. And also a more robust market structure in the decentralized options market.
Following this, Dan Gunsberg, co-founder and CEO of Hxro, said,
“When volatility expands, and the liquidity backs away, market participants who need to adjust their position are pretty much unable to do something. It’s one thing to get large retail players into the market.”
“But for macro funds or large hedge funds, the need to hedge and the need to take a position in options is greater than ever,” Dan Gunsberg added.
Furthermore, he noted that the Hxro Network would offer increased liquidity. This is because it will offer both an automated market maker like many other decentralized finance (DeFi) protocols. Also, it will let traditional market makers into the network as well. To continue, Gunsberg said the traditional desks are primarily options-focused exclusive trading firms such as the Chicago Trading Company.
This article was first published on coinquora.com
Continue reading on CoinQuora
Get The News You Want
Written By: CoinEdition
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.