Former OKEx Exec to Raise $40M for Crypto Derivative Exchange

Retail buyers will quickly have entry to crypto buying and selling choices which can be historically solely out there to institutional purchasers.

Andy Cheung, former chief working officer at OKEx, plans to launch a crypto spinoff alternate known as ACDX by the top of Q1 2020. The Seychelles-based alternate goals to supply futures, choices, callable bull/bear contracts, warrant contracts and stuck coupon notes. 

“One in all our foremost objectives for the alternate is to offer retail buyers with … structured merchandise which can be extra generally utilized by accredited crypto buyers and wealth managers,” Cheung advised CoinDesk, noting the merchandise might additionally give wealth managers extra instruments to higher meet their purchasers’ funding aims. 

The alternate is predicted to be launched within the second quarter of this 12 months. It should commerce extra superior merchandise corresponding to callable bull/bear contracts someday after Q2, Cheung mentioned. 

Whereas the alternate desires to develop into a worldwide platform, it would begin by creating its clientele in Asia utilizing Cheung’s and different executives’ connections in Hong Kong and mainland China.   

The agency goals to lift $40 million by token gross sales and fairness investments from crypto funds, non-public fairness corporations and household places of work from Europe and Asia, Cheung mentioned. 

“We’ve over $four million to date and a lot of the cash comes from our personal funds,” Cheung mentioned. “We’re in talks with potential buyers and more likely to announce new investments within the subsequent two months.” 

The agency now has greater than 25 workers, together with eight builders that construct and keep the alternate’s infrastructure. It’s specializing in creating the merchandise and the platform to verify merchandise will probably be easily traded after the launch, Cheung mentioned.