Bitcoin institutional trading and clearing platform LedgerX has picked up $11.4m in a Series B round.
Miami International Holdings and Chinese fund Huiyin Blockchain Venture Investments led the financing round for the New York-based startup.
LedgerX is awaiting regulatory approval form the US Commodity Futures Trading Commission (CFTC) to launch a regulated exchange and clearing house for bitcoin options.
The company aims to allow institutional investors to obtain and hedge bitcoin using exchange-traded and centrally-cleared options.
Huiyin Blockchain Venture Investments is a subsidiary of investment conglomerate Huiyin Group and operates a $80m fund dedicated to bitcoin and blockchain opportunities.
The firm’s president James Wo commented: “We believe a regulated bitcoin market could substantially expand the bitcoin economy.
“In this regard, a vibrant options market, which LedgerX plans to build, is a critical foundation to the entire ecosystem.”
LedgerX says the new financing will be used to further its efforts to become a regulated exchange with Huiyin’s involvement also opening further expansion potentials in the Chinese market.
Company CEO Paul Chou commented: “In the short term, these investments will further our application to become a regulated exchange and clearing house for bitcoin options.
“In the long term, these strategic investors will help us enter additional marketplaces and territories.”
LedgerX previously raised a $1.5m Seed round and undisclosed Series A in 2014 from investors including GV, Blockchain Capital, Lightspeed and SV Angel.
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