SolidX Partners Inc. Raises $3 Million to Connect Bitcoin Ecosystem with Capital Markets via Swaps
Financial services firm launched by Wall Street veterans provides institutional investor access to bitcoin and the digital asset ecosystem.
SolidX Partners Inc., a financial services company providing swaps to hedge funds, family offices and other institutional investors, closed its $3 million seed financing round. SolidX’s swaps enable investors to gain synthetic exposure to bitcoin using an instrument readily familiar and accessible to institutions. The round’s lead investor is Liberty City Ventures and includes Jim Pallotta, Red Sea Ventures, Stanley Shopkorn and Red Swan Ventures. SolidX commenced operations in early 2014 and intends to use the seed-round funding to pursue growth opportunities.
“Our mission is to enable capital markets participation in the emerging bitcoin ecosystem. We are excited to provide institutions with financial instruments linked directly to bitcoin and blockchain innovations,” said CEO Daniel H. Gallancy.
“Institutional investors have largely been locked out of the bitcoin marketplace given the mismatch between the bitcoin ecosystem and conventional capital markets’ clearing, settlement, custody and regulations. SolidX eliminates this incompatibility and allows for streamlined investing.”
“While many businesses in the digital finance space are focused on technology alone, SolidX is building the financial services plumbing for the ecosystem,” said firm President David S. Lehmann.
“We are excited by the opportunities we see in the marketplace and are determined to build the next-generation financial services company.”
About SolidX Partners
SolidX is an innovative financial services company that focuses on institutional investor participation in digital asset classes such as bitcoin. Through customary investment instruments such as swaps, the firm removes technological and regulatory barriers faced by institutional investors, and bridges the divide between traditional financial services and the emerging fields of bitcoin and digital finance. SolidX also collaborates with institutional investors to address unique opportunities that extend beyond the scope of typical financial services companies.
About Bitcoin Swaps
Swaps play a vital role in providing institutional investors with access to exotic markets and unique assets. SolidX offers non-deliverable total return swaps on bitcoin settled in USD. Our bitcoin swaps use standard International Swaps and Derivatives Association, Inc. (“ISDA”) documentation, including an ISDA Master Agreement, with applicable schedules, annexes, supplements and confirmations. SolidX’s counterparties consist primarily of hedge funds, family offices and other institutional investors.