Blockchain-Settled Spot FX Startup to Raise First €1m in Equity Crowdfunding

FXCH Ltd. (the FX Clearing House Clearing House A clearing house is defined as an intermediary between two parties, a buyer and seller, which helps facilitate the overall process from trade inception to settlement. Clearing houses streamline the exchange of payments, securities, or derivatives transactions.The clearing house is situated between two clearing firms who also helps reduce the risk of either member firm failing to honor their respective trade settlement obligations.Buyers and sellers enter into legally binding agreements for the e A clearing house is defined as an intermediary between two parties, a buyer and seller, which helps facilitate the overall process from trade inception to settlement. Clearing houses streamline the exchange of payments, securities, or derivatives transactions.The clearing house is situated between two clearing firms who also helps reduce the risk of either member firm failing to honor their respective trade settlement obligations.Buyers and sellers enter into legally binding agreements for the e Read this Term) is a Dublin-headquartered Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term startup founded by a team of institutional FX veterans looking to fill the gap left by major banks pulling out of the FX prime brokerage market. It cleared the first ever institutional spot-FX transaction using a distributed ledger for settlement this July.

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The firm has now notified potential investors that it has resolved to raise €8.5 million of growth capital and that it is reserving the first €1 million exclusively for an equity crowdfunding campaign.

They explain that FXCH is driving a robust schedule of software development and plans to hire additional experienced sales people in some of the leading financial centers around the world. Funding they say will help them accelerate the establishment of FXCH as the leading Clearing House for Foreign Exchange.

The campaign will take place on Seedrs, the London-based equity crowdfunding platform for investing in startups and later-stage businesses throughout Europe launched in 2012. Seedrs is authorised and regulated by the UK's Financial Conduct Authority (FCA) and participation is not available to US citizens and US residents.

Franck Mikulecz, founder of FXCH, explained: "I have decided to launch an equity crowdfunding campaign on Seedrs. This platform has proven to be a successful tool for many Fintech Startups while also caring for the interest of private investors. Seedrs organises a nominee vehicle that simplifies the process of investing and guarantees all investors the same conditions."