Tuesday, December 24, 2019

Digital Asset Financial Service Firm BitOoda Holding Raises $7 Million in Seed Funding

BitOoda Holding ,LLC, a United State-based digital asset financial service firm has raised $7 million in a seed round.

On December 24, BitOoda announced that it has closed a $7 million seed round. According to the press release, most notice investors includes Dr. Gary Ross, former Head of Global Oil Analytics and Chief Energy Economist at S&P Global Platts, as well as founder of PIRA Energy Calvin Schlenker, former Head of North American Natural Gas Trading at British Petroleum, and Roy Salame, former Managing Director, Head of Global Investment Opportunities Group, and Head of Commodities Sales and Structuring at J.P. Morgan.

BitOoda said that it investor base has increased a lot “by the achievement of several industry firsts in the past year,” and growing business lines in advisory services and next-generation financial solutions. The firm distinguishes itself by designing and executing two major products including financial swap the BitOoda Difficulty and physical hash power contract the BitOoda Hash.

SEC-licensed cryptocurrency brokerage firm, founded in 2017 by Tim Kelly and Rob Madden , also calls itself a digital asset financial service platform that combines digital finance and applied science. BitOoda operates as a crypto agency broker, serving institutional clients. An agency broker, unlike broker-dealer, has the responsibility to find the best execution for its clients.

It offers its clients block trades for Bitcoin Futures contracts listed on Bakkt and CME. The list its services also includes risk management through which the company provides execution services and guidance on structuring derivatives to manage treasury risk strategies to its institutional clients.

BitOoda is also registered as a broker-dealer with the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority, as well as an introducing broker with the Commodity Futures Trading Commission and the National Futures Association.

Tim Kelly, CEO of BitOoda, commented:

I am thrilled by the explosion of interest in BitOoda’s unique business model, and the recognition of our pioneering success in bringing new, sophisticated products to the digital asset market. At BitOoda, we are never happy doing things in the same way as our competitors, and we are focused on creating new market sectors where we can leverage our team’s unique expertise in capital markets, physics, and engineering. We are excited about the growth opportunities this seed round will enable, and plan to position ourselves to meet the soaring demand for our innovative solutions – both here in the U.S. and increasingly across Asia and Europe.”

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