Mosdex, a Finland-based cryptocurrency arbitrage startup founded this year, has raised $20 million in Series A to establish its presence in Europe.
Cryptocurrency arbitrage occurs when a trader buys a digital asset on an exchange and immediately resells it on another to profit from the difference in prices.
Mosdex said it plans to expand its arbitrage solution across Europe by first establishing its presence in Germany, Poland, Czech Republic, Slovakia, and Hungary.
The startup will also use the fund to open up offices in New York, Hong Kong, Singapore, London, Tokyo and Dubai.
Additionally, Mosdex will launch a cryptocurrency arbitrage solution later this year in accordance with Europe’s cryptocurrency regulations.
According to a press statement, the Series A funding round was led by Evli Bank PLC, an investment bank that helps institutions, corporations and private persons increase their wealth.
Other participating investors include Lifeline Ventures, NordicNinja VC, and private cryptocurrency investors such as Petteri Suorsa, Magnus Eskelinen and Jouni Väisänen.
Mosdex, which first announced its entry into the world of cryptocurrency in early May, previously provided and developed core software programme processing for the Moscow Stock Exchange.
The startup said it was extending to the cryptocurrency market the arbitrage method being extensively used by banks, financial institutions, and foreign exchange markets around the world.
Mosdex is also Finland’s first combined virtual asset arbitrage platform.
Automating Crypto Arbitrage
Mosdex explained that its platform has been designed to automate arbitrage for cryptocurrency exchanges, consumers, and institutions.
It further said its arbitrage solution was built by a group of developers with background in finance, machine learning, and blockchain engineering.
"We worked hard to create our own gadgets and improved the richness of the platform. We are constantly updating our utilities to make sure we have purchased the goods and are selling well and accurately," a spokesperson at the company said.
