Announcing skewTrading. launch and our $5mln financing round
We are pleased to announce today the launch of skewTrading, a trade execution service allowing our institutional users to access liquidity across crypto capital markets.
skewTrading is a new trade execution and electronic brokerage platform, connecting institutional investors with liquidity providers across listed and OTC products, ranging from spot to futures and options. The platform leverages existing innovative clearing and settlement infrastructure to provide a truly superior experience mitigating credit risk.
Building the gateway to the cryptocurrency markets
skewAnalytics, our leading data analytics platform providing real-time market monitoring services, has grown continuously since it was launched last September. Our more than 1,000 corporate users are trusting us to take the pulse of cryptocurrency markets on a daily basis.
With skewTrading, our ambition is to go one step further by giving our users the possibility of accessing liquidity from the exact same platform. We aim to position skew as the gateway to the cryptocurrency markets for professional market participants where they can access real-time analytics and liquidity networks using the same account.
skewTrading is initially partnering with leading liquidity providers from the digital assets industry to facilitate over-the-counter execution of CME block trades for bitcoin futures and bitcoin options on futures contracts.
We are teaming up with Kyte Broking Limited (“Kyte”), an established regulated inter-dealer broker headquartered in the UK, to launch a platform meeting the standards of professional derivatives trading. In 2019, Kyte executed over ten trillion dollars notional of exchange-listed derivatives contracts and counts approximately 3,000 institutional clients onboarded. As part of the partnership, skew became an Appointed Representative of Kyte with the UK Financial Conduct Authority, making it possible for our customers to trade derivatives in a regulated environment. Skew will also benefit from Kyte‘s National Futures Association membership enabling it to service US customers.
We believe the combination of our expertise in cryptocurrency derivatives with Kyte’s experience operating within regulated traditional capital markets will allow skew to be a natural choice for financial institutions looking to enter the cryptocurrency markets.
Elegant products with a focus on automation
The new $5mln funding round was led by Octopus Ventures, a London-based £1.2bln venture fund, with additional investments from Digital Currency Group, as well as existing investors Firstminute Capital and Seedcamp. Skew has raised $7mln in funding since its inception.
The funds will be used to expand further our London-based engineering team and strengthen our distribution capabilities. We were fortunate to see Ian Brennan, previously Head of Technology at digital agency Fathom which counted as customers Tradeweb and MarketAxess, recently joining us as Head of Product. Before starting skew in September 2018 in London, our co-founders Emmanuel and Tim worked as equity derivatives traders for US banks J.P Morgan and Citigroup.
This is a fantastic time to be building a fintech startup. Thanks to the emergence of the cloud and an abundance of powerful APIs, it is now possible for a very lean team to build credible and modern financial services. Launching our products would have required without a doubt much larger teams and resources only ten years ago. Our ambition at skew. is to leverage technology extensively in order to build simple and elegant products.
Find out more
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