London-based Skew has managed to secure $2 million in a seed funding round to enhance its data offering for the cryptocurrency derivatives market.
Reported by Coindesk, the financing round was led by FirstMinute Capital, a London-based venture capital firm, and was participated by Kleiner Perkins, Seedcamp, Kima Ventures, and QCP Capital.
Announcing our $2mln seed round led by @firstminutecap with participation from @seedcamp, @kimaventures and @kleinerperkins
We are launching our data Analytics platform skewAnalytics dedicated to the fast growing crypto derivatives markets. ➡️https://t.co/YebBcK6MBH pic.twitter.com/ynAs4i0wr0 — skew (@skew_markets) September 25, 2019
With the freshly raised funds, the data sourcing company is planning to develop its flagship derivatives data platform called skewAnalytics. The solution will provide a real-time of crypto derivatives market with over 100 charts on crypto futures and options.
Bringing experience from the traditional finance industry to the wild crypto markets
Founded in 2018, the company has ten employees, most of whom have a background in traditional finance as they came from institutions like UBS, Goldman Sachs, and Deutsche Boerse.
With its offerings, the company is aiming to target institutional investors looking for a breakthrough in the crypto investment market. According to Emmanuel Goh, co-founder and CEO of Skew, the data provided by the company will enable the traders and institutions to strategize their investments.
Due to its institutional-grade tools, the company is also attracting a number of clients and has registered 30 percent month-over-month growth in its user base in the third quarter of 2019.
Though Skew is targeting the booming market of crypto derivatives with its data-based products, the company will face a lot of competition from its peers in the industry.
Earlier today, Finance Magnates reported that Flipside Crypto, a firm specializing in data parsing from Blockchain , raised $7.1 million from major venture capitals including Galaxy Digital Ventures and Avon Ventures.
