The co-founder of Airbnb, Nathan Blecharczyk, also helped with the funding. The announcement came from Arjun Sethi, co-founder and partner of Tribe Capital and Social Capital, who also underlined the participation of Y Combinator, Khosla Ventures, Digital Currency Group and Blockchain Capital.
According to their blog, SFOX, founded in 2014, is a tool to “to solve the problems that were preventing institutional investors and HNWIs from investing in Bitcoin. We saw an asset class that had tremendous long-term potential, yet was too volatile and illiquid for these types of investors to enter”.
For this reason, the company’s developers decided to create two tools to reduce these entry barriers and a suite of algorithms to create an efficient crypto trading platform, but at the same time able to provide a “single point of access to liquidity from a wide range of exchanges, OTC desks, and market makers”.
Also from their blog, they report that the main objective of the project is the development of SFOX towards building industry-leading solutions to other aspects of crypto asset management — starting with the foundations of fund security and risk management, and building upwards to help our customers accomplish increasingly more in the crypto space”.