Foresight Ventures invests in CyberX to support the digital asset trading technology firm in scaling its infrastructure, liquidity network, and operations
CyberX, a leading market maker for digital assets, announced the completion of a $15M Series A+ funding round from Foresight Ventures.
The company plans to use the funding to expand its team in Asia and North America, integrate more exchanges and DeFi protocols into its liquidity network, and strengthen its trading infrastructure to further improve liquidity and pricing for its partners and clients.
CyberX’s team members are ex-Wall Street professionals with decades of quant and algo trading expertise at firms such as Goldman Sachs, Morgan Stanley, UBS, BlackRock, Citadel, and AQR. The group now has offices in US, Canada, Hong Kong and Singapore.
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“Liquidity is fundamental for further developments in this nascent crypto industry. It is pivotal to have experienced market makers like CyberX to retain market efficiency,” said Forest Bai, CEO of Foresight Ventures. “We believe CyberX has the advanced technology, experienced team, and extensive market knowledge to emerge at the forefront of the competition, which is why we have made this substantial investment of $15M into their future.”
“Blockchain technology has transformed the way value is exchanged in TradFi. As a crypto market maker, we aim to connect assets efficiently and transparently with our proprietary technology to provide liquidity across trading venues, DeFi protocols, and NFT marketplaces,” said Hao Wang, CEO of CyberX. “We have been developing liquidity solutions for the crypto industry since 2016. Our infrastructure is robust and has been proven to be successful in coping with a variety of long-tail risks under extreme market conditions. The current funding will accelerate our expansion plan for an enhanced liquidity network and continuously adapt our system to new developments in DeFi and NFT sectors.”
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Over the years, CyberX has built an extensive crypto liquidity network with a US$400 million daily trading volume and network spanning more than 30 venues and 5,000 tokens with 10,000 trading pairs. In the past year, CyberX’s trading volume has grown close to 10x, with DeFi coverage taking up at least 40% of total trading activities. It is currently a leading provider in a suite of liquidity solutions, such as algorithmic market making in spot and derivatives markets across perpetuals, futures options, structured products, OTC services and DeFi protocols. CyberX aims to connect the world’s digital assets through their trading infrastructure and continually innovate crypto-native technologies and products to empower partners in the future of Web 3.0.
“DeFi is making its way into a wide variety of simple and complex financial transactions, and we believe it will continue to grow at a tremendous pace,” added Hao Wang. “While the market is still recovering from the aftermath of the FTX collapse, lessons learned will continue to propel the industry in the right direction.”
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