Swiss securities firm SIX Group is heading a series A investment round in Omniex. The venture says it’s looking to raise a minimum of $14 million.
Omniex Gets a Helping Hand from SIX Group
Omniex is a company that seeks to provide cryptocurrency traders with asset pools. Thus far, the enterprise already offers many of its services through some of the largest digital currency trading platforms in the world including Binance, Coinbase Pro and BitMEX. These services are mostly available to institutional players and allow exchanges to provide them with deals they otherwise could not access.
Institutional investors are often deemed primary ingredients when it comes to making the crypto industry stronger and more mainstream. However, very few seek entry given that cryptocurrencies tend to remain volatile.
In addition to being vulnerable to price swings, exchanges and other wallet platforms have often been the victims of hacks, and billions in digital funds have been swept away over the years via the hands of malicious actors.
As a result, many institutional investors have been reluctant to get involved with bitcoin and its altcoin cousins despite many of these assets showing great promise. CEO of Omniex Hu Liang says that going after institutional participation was a necessary challenge. He explained in an interview:
Going after the institutional space is quite different than going after the retail market where you can create a lot of things that hadn’t been done yet and be able to get the clients easily. Here, we’ve always said that we need to build a platform that looks and feels familiar to institutional investors, and we’re going to continue to put that infrastructure in place to reduce the fragmentation.
Omniex has been around since 2018 and has already managed to raise as much as $10 million in a previous funding round from the likes of Jump Capital, Sierra Capital and Wicklow Capital. With this new round, the company could ultimately see as much as $24 million stuffed in its bank account, which could keep it around for several years.
The enterprise presently provides liquidity from as many as 15 separate crypto exchanges, including Bitstamp, Kraken, Gemini and Poloniex. At the time of writing, it boasts high-status clients such as Polychain Capital, Blocktower Capital, and Taurus Group.
Bringing the Right People In
Initially, the SIX Group was slated to open its own crypto exchange known as the SIX Digital Exchange (SDX). However, that project has encountered several problems and delays over the years, and now the firm is living out its crypto dreams through Omniex. SIX head of securities and exchanges Thomas Zeeb stated:
Once the market and the regulators are ready, we will be moving from the existing infrastructure, tokenizing existing shares and bonds and stuff that we have in the central depository today in the traditional market into the new markets.