Globe Cryptoderivatives Exchange has raised $3 million in seed funding with support from Pantera Capital, Y Combinator, Tim Draper Dragon Fund and Wavemaker Partners.
Globe is registered in the Seychelles and based in London, and is expected to be launched in the next few weeks.
The platform focuses on serving institutional customers and will offer them open-ended contracts for Bitcoin, Ethereum, the Bitcoin Volatility Index and DeFi-token. US residents will not be able to trade on the exchange.
According to James West, CEO of Globe, the exchange uses its own bid matching and risk assessment engine called Thor, which will be able to compete with Nasdaq in terms of bid processing speed and capacity.
Globe also plans to work with liquidity providers for institutional investors, who will be offered direct integration and a standard set of functions of traditional futures exchanges.
„We are seeing a wave of interest in cryo assets from large banks, financial institutions and investment portfolio managers. Globe has created the platform and products that these sophisticated players need and expect,“ said Pantera Capital partner Paul Veradittakit in a comment to CoinDesk.
James West noted that the launch of Globe will take place against the backdrop of regulatory challenges faced by BitMEX, the rapid rise in the price of Bitcoin and the increased popularity of the Decentralised Finance (DeFi) sector.
The combination of these factors gives him reason to hope that Globe will become a reliable platform through which fresh institutional capital will flow into crypt currencies.
In a recent report, Chainalysis analysts explained the rise in the Bitcoin price to over $18,000 as „insatiable appetite“ for institutional investors.