OTC Exchange Network
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.
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.
- 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.
- 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.
- 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.
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