Skew, a data analytics platform for crypto, has today launched a trading platform after a $5m funding round led by Octopus Ventures.
Skew Trading is a partnership with Kyte Broking focused on attracting institutional traders entering the crypto world.
Skew is initially focusing on OTC execution of Chicago Mercantile Exchange (CME) block trades for bitcoin futures and bitcoin options on futures contracts.
Chief executive Emmanuel Goh told City A.M. that Skew had chosen the CME because he thinks traditional institutions are already familiar with the exchange. “It makes it easier for them to start investing in crypto products.”
Skew already operates a data analytics platform, Skew Analytics, which provides real-time monitoring services for cryptocurrency markets.
“The industry remains in its infancy with the “institutional moment” for crypto still ahead of us. We want to position Skew as the gate to the cryptocurrency markets for professional market participants where they can access real-time analytics and liquidity networks using the same account,” Goh said.
The $5m investment round was led by Octopus Ventures, with additional investments from Digital Currency Group and existing investors Firstminute Capital and Seedcamp. It adds to a $2m seed round raised in September of last year.
Skew, which currently has a headcount of nine, plans to use the funding to double in size over the next few months. Goh told City A.M. that the main focus will be on the engineering team, and the firm has already hired two new recruits.
Zihao Xu, Octopus Ventures’ investment manager, said: “The team has already built a sterling reputation off the back of Skew Analytics, and the launch of Skew Trading adds an important dimension to the company’s offering.”