The cryptocurrency world has been hit with a lot of bans and regulations recently. For instance, Google is following Facebook’s steps by banning cryptocurrency-based advertising. This was a response to the cryptocurrency scammers that stolen over $2 million of digital assets. Meanwhile, the entire crypto market dropped by $60 billion within the past 24 hours.
Despite the volatility of the market, some investors are hopeful about the future of cryptocurrency. Jesse Proudman, the founder of a new startup called Strix Leviathan, has discussed his plans and hopes for the company’s future.
Today, Strix Leviathan had a $1.6 million seed round that was funded by a diverse group of investors. From NFL players to high performing VC firms, the company has received capital in order to for it to accomplish their goals.
What is Strix Leviathan
Strix Leviathan has developed a cryptocurrency management and trading service for institutions and enterprises. Unlike traditional centralized currency markets, its hard for cryptocurrency exchanges to be regulated and they are “very immature and still developing” said Proudman.
Strix Leviathan is made to assist institutional trading companies such as Goldman Sachs, JP Morgan, etc. by creating algorithm-powered and automatic tools that help users trade cryptocurrency through various exchanges. It uses blockchain technology to obtain cryptocurrency data from multiple sources and normalizes the data in order to create a trading strategy. Also, it has a “trade execution engine” which allows users to place their own manual trades.
So far, Strix Leviathan is working on partnerships with four companies. This 9-person startup plans to release a physical product to the public by September. What makes Strix Leviathan so interesting is that it took only 6 weeks to finish its first investment round.
Proudman States “It will bring a considerable amount of capital in the crypto market. We believe that as once that occurs, institutional capitalists will need a platform where they can research good trading strategies and implement those trades and strategies in a real-time market.
Proudman has a bullish mindset about cryptocurrency and Seattle as a prime cryptocurrency innovation location. Last month, an RChain Cooperative and Reflective Venture Partners created a new venture that’s seeking $160 million in blockchain startups and apps. He stated that there are a lot of cryptocurrency meetups and accelerator projects in Seattle, making it a prime place for crypto enthusiasts and investors.
“Seattle is positioned and ready to be a major location for technology in the U.S.,” he said.
When discussing Google’s decision to stop cryptocurrency-based advertising, Proudman sated “it’s short-sighted and unfortunate that Google has created a large net in its mission for consumer protection.”
“It’s a drastic measure, but you have to think that Google is only doing this for a short-term reason. The company probably wants to know how to screen content appropriately displaying it to a wide audience”, he said.
“While the ban doesn’t impact our project, we are focused on enterprise and institutional customers. And the ban won’t stop you from seeing search results, but it makes it makes it harder for digital marketers to provide offerings to their target audience.
In the future, Strix Leviathan plans on making cryptocurrency trading easier for beginners and professionals in the field. So it will be interesting to see how the company follows their roadmap in 2018.
Disclaimer: All of our content was made to inform our readers, and should not be taken as investment advice. Invest in cryptocurrency at your own risk.