Bitcoin Swap Exchange LedgerX Closes $11.4m Series B Financing Round

LedgerX has has raised another $11.4 million in a Series B financing round led by MIH (the parent company of the Miami International Securities Exchange) and China's Huiyin Blockchain Venture Investments.

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“In the short term, these investments will further our application to become a regulated exchange and 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 for bitcoin options. In the long term, these strategic investors will help us enter additional marketplaces and territories,” states Paul Chou, CEO LedgerX LLC. In January 2016, Chou was appointed to the CFTC’s Technology Advisory Committee.

LedgerX, the New York-based bitcoin swap exchange (Swap Execution Facility), is currently awaiting regulatory approval from the U.S. Commodity Futures Trading Commission (CFTC) to operate the first U.S. regulated institutional exchange and clearing house for bitcoin options. Its previous financing round brought in $1.5 million and was led by Google Ventures and Lightspeed Venture Partners.

“We believe a regulated bitcoin market could substantially expand the bitcoin economy. In this regard, a vibrant options market, which LedgerX plans to build, is a critical foundation to the entire ecosystem,” stated James Wo, President of Huiyin 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 Venture Investments, a subsidiary of investment conglomerate Huiyin Group.

“MIH is excited to be involved with a company on the cutting edge of a new exchange space involving digital currency,” said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH. “We believe that our investment with LedgerX furthers our mission to be at the forefront of innovations for the financial services marketplace,” added Gallagher.