BTC $42178.67 (-3.6%)
ETH $2893.54 (-6.6%)
USDT $1.00 (0.00%)
BCH $507.85 (-6.2%)
BSV $135.07 (-6.7%)
LTC $148.65 (-6.8%)
BNB $350.42 (-6.3%)
ADA $2.22 (0.30%)
DOGE $0.20 (-5.7%)
BTC $42178.67 (-3.6%)
ETH $2893.54 (-6.6%)
USDT $1.00 (0.00%)
BCH $507.85 (-6.2%)
BSV $135.07 (-6.7%)
LTC $148.65 (-6.8%)
BNB $350.42 (-6.3%)
ADA $2.22 (0.30%)
DOGE $0.20 (-5.7%)

Commonwealth Invests $15 Million in Crypto Trading Platform Hxro

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.

Recommended News

Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.