A new exchange offering to open up the rapidly growing markets of bitcoin and initial currency offerings (ICOs) to retail investors has received US$1mln in start-up capital.
Kryptos-X is based in Singapore and raised the money from Australia–listed tech investor Fatfish Internet Limited (ASX:FFG), which will take a 27% stake in the new venture.
“The electronic marketplace will deal exclusively with blockchain technology based digital tokens and cryptocurrencies,” said Fatfish.
Veteran exchange operator Tony Mackay set up Kryptos –X and sees echoes of the time Nasdaq started up 30 years ago.
“We are on day one of a journey that can last 1,000 or even 10,000 days,” he said describing the impact blockchain or distributive ledger technology might have.
Mackay should be in a position to know as he was working at Instinet when it was acquired by Nasdaq.
He then set up the Chi-X exchange, acquired by BATS in 2011, and Chi-X Global that has since sold exchanges in Canada and Australia.
Kryptos can become a gateway for the public to trade bitcoin, currencies and also to participate in ICOs, he believes.
People want to participate in start-ups, he adds and by using a digital wallet it can provide the infrastructure to bring this potential to the average person in the street and cut out many layers of intermediaries in financial services in the process.
Though based in Singapore, Mackay sees the country very much as test ground for a proof of concept from where it can be branch out.
Other small markets need to embrace digital or blockchain technology technology and become a platform. "If they don't it we will," he warns.