OTC Exchange Network

Goals

To help inform an investment decision in Prycto by evaluating its top competitor, the OTC Exchange Network. The evaluation should be focused on OTC Exchange Network's go-to-market progress, and specifically on funding raised, the quality of the founding team, and any partnership agreements signed.

Early Findings

OTC Exchange Network

  • OTC Exchange Network is a provider of a blockchain-based Forex trading platform. The company uses asset digitization, real-time collateral management and an array of institutional trading venues to organize global liquidity and make it tradable via a single account at any custodian on its P2P trading platform.
  • If successful, OTC Exchange Network would eliminate counterparty and settlement risk, without becoming a counterparty to transactions itself. It will remove credit intermediation, first in Forex trading, and then in the wider capital markets.

Funding

  • OTC Exchange Network raised $3 million in a Series A funding round. The funding round was announced on September 28, 2016, and completed in April 2017.
  • The company also received $10.5 million in funding in a Series B funding round, bringing the total funding amount to $13.5 million. The Series B round was announced on November 1, 2017, and completed in February 2018.
  • OTC Exchange Network also appears to have announced a Series A2 funding round for $1.35 million at the end of February 2018, although details on this round are extremely scarce.

Acquisitions

  • OTC Exchange Network acquired Ogg Trading, LLC in order to accelerate its time-to-market. The acquisition was completed on June 18, 2018.
  • Ogg Trading is a "provider of advanced institutional trading technology," specifically for Forex markets. Ogg Trading previously ran a dark pool in partnership with Bloomberg.
  • In addition to the dark pool platform, OTC Exchange Network plans to implement Ogg Trading's liquidity aggregator and smart order router systems in its quote-driven marketplace product.

Partnerships

Founding Team

Competitors

  • Some possible competitors of the OTC Exchange Network include tZero, Paxos, AXONI, and Pirum.
  • Paxos and tZero focus on real-world asset tokenization — creating digital tokens collateralized by real-world assets using blockchain technology.
  • AXONI and Pirum focus on offering financial technology solutions to institutional investors. AXONI is more focused on providing blockchain technology systems, while Prium provides finance automation services.

Proposed next steps:

You need to be the project owner to select a next step.
We propose continuing this research to provide a deep analysis of the background of each of the five members of OTC Exchange Networks' founding team.
Alternatively, we could provide a general overview of the founding team, detailing each member's professional background. We would especially focus on past experience related to blockchain and Forex trading technology.
We can also perform a similar analysis on the four identified competitors of the OTC Exchange Network, tZero, Paxos, AXONI, and Pirum, focusing on funding raised, partnerships signed, and the founding team for each competitor. We can analyze each competitors in the scope of 3 hours. If you would like to continue with this next step, please reply with a list of competitors you would like us to analyze, adding or subtracting competitors listed above as you see fit.