Cube.Exchange Raises $12 Million in Series A Funding
Cube.Exchange, a hybrid crypto trading platform that is yet to launch publicly, has successfully raised $12 million in a Series A funding round. The round was led by 6th Man Ventures, with participation from GSR Markets, ParaFi Digital, Susquehanna Private Equity Investments, Everstake Capital, and other investors. According to Cube, the structure of the funding round involved equity with token warrants. This funding brings Cube’s post-money equity valuation to $100 million.
What is Cube.Exchange?
Cube.Exchange was created last year to address the issue of founder risk in crypto trading platforms. It utilizes a hybrid model that combines off-chain order matching with on-chain settlement. This allows users to retain ownership of their assets without the need to transfer them to an exchange custodial account for trading. Cube also features multi-party computation vaults that hold individual wallets for native settlement, eliminating the need for wrapped assets and proof-of-reserve audits.
Cube Rewards and Token
While Cube.Exchange is currently in its early access phase, it plans to launch publicly in the near future. During this phase, the platform offers users points that can be redeemed for various rewards provided by Cube. Additionally, Cube has partnered with listed tokens to offer rewards pools. However, there are no immediate plans to issue its own token.
Cube’s Expansion Plans
With the new funding secured, Cube intends to significantly expand its team and obtain licenses in more jurisdictions. The platform currently holds licenses in Poland and Canada and meets all requirements for spot trading operations in Australia. As part of the Series A round, Mike Dudas from 6th Man Ventures has joined Cube’s board.
Hot Take: Cube.Exchange Gains Momentum with Successful Series A Funding
Cube.Exchange has made a significant stride in its development with the successful completion of a $12 million Series A funding round. The platform’s hybrid model and unique features have garnered attention from investors, leading to a post-money equity valuation of $100 million. With plans to expand its team and obtain licenses in more jurisdictions, Cube is positioning itself for further growth and success in the crypto trading industry. As it prepares for its public launch, Cube continues to offer rewards to early users through partnerships with listed tokens. Keep an eye on Cube.Exchange as it aims to revolutionize the way traders engage with cryptocurrencies.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats.