In a significant development for the digital asset market, Cleartoken, a crypto clearing house startup, announced securing $10 million in funding from strategic investors. Among the investors are prominent names like Nomura’s Laser Digital, Flow Traders, GSR, Zodia Custody, and LMAX Digital. This funding marks a crucial milestone for Cleartoken as it aims to establish the UK’s first digital asset clearing house.
Unveiling Cleartoken’s Vision and Team
Cleartoken is set to revolutionize the digital asset market by providing horizontal clearinghouse services. Led by CEO Benjamin Santos-Stephens, the startup aims to introduce Central Counter Party (CCP) services within the next 12 to 18 months. The team is committed to complying fully with UK regulations and securing clearance from the Bank of England to commence operations.
Backing from Strategic Investors
The $10 million funding round underscores the confidence of strategic investors in Cleartoken’s vision and potential. Notable investors like Nomura’s Laser Digital and Flow Traders recognize the importance of a well-regulated digital asset market and the role of a clearing house in minimizing risks and enhancing capital efficiency.
Driving Innovation and Compliance
Cleartoken’s ambitious plans include offering initial settlement services in 2024, contingent upon regulatory approvals. Cleartoken aims to mitigate risks associated with digital asset transfers and trading by eliminating the need for pre-payments and enhancing capital efficiency through collateralization.
Enhancing Market Structure
The establishment of the UK’s first digital asset clearing house holds immense promise for the industry. Cleartoken’s approach to developing a central clearing solution addresses key challenges faced by market participants, including counterparty risk management and capital efficiency. The startup’s commitment to compliance and innovation is set to reshape the digital asset landscape.
Conclusion
With the support of strategic investors and a visionary leadership team, Cleartoken is poised to lead the way in digital asset-clearing services. As the industry continues to evolve, Cleartoken’s pioneering efforts will play a crucial role in fostering institutional engagement with digital assets and enhancing market structure.
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