A start-up crypto exchange platform, CrossTower, has announced that it raised $6 million in a seed funding round led by businessman and tech investor, Gerald Lopez.
The funding is expected to help CrossTower carve out a bigger niche in institutional crypto exchange. The company pointed out that an increasing number of institutions are venturing into the cryptocurrency market, which it plans to take advantage of.
In a recent blog post, Co-Founder Kristin Boggiano stated that:
“Support for crypto assets at this level instills confidence in the asset class [as] a whole. The proof is in the numbers and the numbers reveal that crypto assets are becoming increasingly popular with institutional investors.”
Currently, the New Yourk-based company supports crypto-to-crypto exchanges between BTC, ETH, LTC, BCH, and ZEC. The seed fund will allow the company to support other assets, for fiat-to-crypto services. The company will also expand its services to derivatives, futures orders, and custody and margin.
Even though the start-up has only been around for about a month, it has garnered a lot of excitement within the crypto community as it promises to provide cheaper services to institutional investors.
On June 10, the Crypto Rating Council announced the addition of CrossTower to its membership. Other members of the council include giant crypto exchange Coinbase and Cumberland.