Tuesday, October 19, 2021
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Tim Draper: Pantera Capital back new crypto derivatives exchange

Some of the biggest names in blockchain showing that the next bull market could be driven by institutional investors.

According to cointelegraph, Crypto derivatives platform Globe has raised $3 million in seed investments to launch its Globe Derivative Exchange. The new platform is aiming at bringing institutional investors into the world of cryptocurrency. First stage investors in the new venture include billionaire Tim Draper, blockchain investment fund Pantera Capital and venture capital firm Y Combinator.

Pantera executive Paul Veradittakit cited growing institutional interest in crypto as one of the main reasons why his company decided to invest in Globe.

Veradittakit stated:

“We’re seeing a wave of interest in crypto assets from major banks, fintech companies, and portfolio managers. Globe has built the platform and products that these sophisticated market players need and expect. […] We’re excited to support the Globe team in delivering a next-generation platform for the crypto financial system.”

Globe has expanded its own matching and risk engine, which it calls Thor. The company declares that Thor was built by engineers from major financial services firms including JPMorgan Chase, BofA Securities, Citibank, UBS and Getco.

Trading in crypto derivatives has expanded during the current year, with the likes of BitMEX, HuobiDM, OKEx and Binance futures seeing a large uptick in volumes. And the derivatives surge is one of many ways the digital asset industry has evolved from just three years ago.

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