Bitfineon.com Secures €1 Million Funding for its Exchange development
Originally Swiss, now operating from Germany, the crypto exchange company, Bitfineon, has secured €1 million funding to launch its crypto and fiat exchange through a private equity sale with the US-based fund B.I.G. Fintech, LP.
Bitfineon will be a next-generation crypto trading, fiat services platform which will be Licensed and regulated by the German financial regulatory authority BaFin.
The next generation description is given due to its unique matching engine technology, Neutrino, which uses GPU rather than CPU to process matching.
Bitfineon CEO Jared Grey said:GPU matching engine tech is based on Kevin’s experience developing GPU-based applications, such as shaders, for video game engines. Kevin saw a limitation in the way that current matching engines utilize CPUs for processing this type of data and developed a new method for processing these trades utilizing GPUs, this will help to increase scalability and reduce latency.
The €1 million investment was placed at a company valuation of €5 million after a 10 month search for investment that saw Jared and his colleagues meeting with multiple groups of investors.
B.I.G Fintech investment keep the current share pool of Bitfineon GmbH, as Jared states
[B.I.G Fintech are] focusing on a long-term investment strategy, instead of the typical VC-exit timeline
This round of investment at current burn rate gives Bitfineon GmbH a 3 year runway which but Jared does not rule out other funding rounds if required.
Bitfineon CEO Jared Grey said:Depending on the level of adoption and success of Bitfineon, More rounds could be needed. We’re confident those rounds would be successful too.
Controversy was quick to spread on twitter as @Panama_TJ tweeted:
Pointing out that the website of B.I.G fintech was only days old and the address seem to point to another business.
Jared had previously stated in an interview that B.I.G fintech had created a new fund from an existing pool of investors to invest in Bitfineon
Bitfineon CEO Jared Grey said:BIG Fintech stepped up in July as a collected group of investors from existing crypto-facing funds that are located in the US. I met with the principals of those funds and they agreed to keep the sharepool intact by focusing on a long-term investment strategy, instead of the typical VC-exit timeline. They created a new fund, Bitfineon Investment Group, to invest directly into Bitfineon.
and replied to this tweet with:
Panama, not sure if you saw my tweet, but happy to have you on our live video AMA today at 1pm EDT to discuss your concerns about our funding partner. Link is in our Discord server under news & announcements: https://t.co/Chsd50EASe— Jared Grey (@jaredgrey) 13 September 2019
also on the discord with
With the eventual goal to be within the top-50 on the global exchange market, the first stage is to launch a secure core product which Bitfineon now have investment and the team to accomplish.
Media inquiries regarding Bitfineon, contact: email@example.com
Read more about B.I.G. Fintech, LP: https://bigfintech.us.