Bitcoin Swap Exchange LedgerX Closes $11.4m Series B Financing Round

The new funding will supports LedgerX’s plan to operate a regulated cryptocurrency exchange and clearing house.

LedgerX has has raised another $11.4 million in a Series B financing round led by MIH (the parent company of the Miami International Securities Exchange) and China’s Huiyin Blockchain Venture Investments.

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Paul Chou

“In the short term, these investments will further our application to become a regulated exchange and clearing house for bitcoin options. In the long term, these strategic investors will help us enter additional marketplaces and territories,” states Paul Chou, CEO LedgerX LLC. In January 2016, Chou was appointed to the CFTC’s Technology Advisory Committee.

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LedgerX, the New York-based bitcoin swap exchange (Swap Execution Facility), is currently awaiting regulatory approval from the U.S. Commodity Futures Trading Commission (CFTC) to operate the first U.S. regulated institutional exchange and clearing house for bitcoin options. Its previous financing round brought in $1.5 million and was led by Google Ventures and Lightspeed Venture Partners.

“We believe a regulated bitcoin market could substantially expand the bitcoin economy. In this regard, a vibrant options market, which LedgerX plans to build, is a critical foundation to the entire ecosystem,” stated James Wo, President of Huiyin Blockchain Venture Investments, a subsidiary of investment conglomerate Huiyin Group.

“MIH is excited to be involved with a company on the cutting edge of a new exchange space involving digital currency,” said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH. “We believe that our investment with LedgerX furthers our mission to be at the forefront of innovations for the financial services marketplace,” added Gallagher.

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