BLOCKCHAIN

US CRYPTO DEALER RAKES IN $22.7 MILLION: SFOX, a Los Angeles-based crypto investment firm, has closed a $22.7 million Series A funding round led by venture groups Social Capital and Tribe Capital. The round also saw participation from DCG, SV Angel, and Blockchain Capital. The company, which caters to institutional investors and professional traders rather than retail customers, aims to centralize prices from different exchanges on its platform. SFOX will use the recently acquired funds to expand its products and services, including its full crypto asset management platform currently being developed. SFOX’s round implies that, despite the drop in crypto prices, there remains resilient institutional demand for digital assets. However, the firm will have to contend with stiff competition from heavyweight Coinbase, which recently launched its own service for institutional investors, and Wall Street giant Goldman Sachs is exploring possible entry points.

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