OTCXN which has created a technological solution to the FX market's ‘credit gap’ problem has just closed its Series-A funding.
OTC Exchange Network Inc. (OTCXN), a participant in Silicon Valley’s fintech and Blockchain community, today announced the closing of its Series A round of financing. OTCXN leverages Blockchain, also known as Distributed or Shared Ledger Technology, Smart Contracts, Cryptographic Multi-Signature and other related technologies in a unique, focused, total solution for global FX trading use cases.
OTCXN was established by electronic trading and e-FX technology expert Rosario M. Ingargiola, founder of FXone, where he led the design and development of one of the most comprehensive institutional FX exchange technology stacks in the market, used by global Tier-1 clients.
He commented: “OTCXN has a crystal clear value proposition - we are eliminating credit intermediation. It's really that simple…starting with institutional FX trading. In short, we have a technological solution to the biggest problem plaguing the biggest market in the world, the FX market."
Ingargiola explained that this "credit gap" problem is directly related to the decline in global FX trading volumes for the first time since 2001, as reported in the most recent BIS Triennial Survey.
He added: "Unlike virtually all of the firms leveraging Blockchain or DLT for capital markets use cases, real-time clearing and settlement is but one feature of our total solution instead of the core value proposition.”
Phase one of the network rollout will specifically target bank and non-bank market-makers who wish to price directly to retail brokers without prime brokerage and other intermediaries and their associated layers of cost.
This will open up entirely new markets by making it possible to onboard counterparties that do not have, or cannot obtain, prime brokerage credit lines.
Huge Cost Reductions
For firms which are able to secure credit lines through prime brokerage or through a prime-of-prime, it will greatly lower costs and increase collateral, counterparty and Liquidity management options.
The company is also exploring ways to reduce capital costs for participating prime broker members while enabling them to earn prime brokerage-like fees, but without the legal and documentary overhead. Costs and risks for all counterparties will be lower for members of the network than with current incumbent systems.
Ingargiola said that the company plans to make the network offering available in NY4, LD4 and TY3. Members of the network will have a future proof, turn-key solution requiring no direct knowledge of Blockchain or other underlying technologies to benefit fully.
OTC Exchange Network Inc. (OTCXN), a participant in Silicon Valley’s fintech and Blockchain community, today announced the closing of its Series A round of financing. OTCXN leverages Blockchain, also known as Distributed or Shared Ledger Technology, Smart Contracts, Cryptographic Multi-Signature and other related technologies in a unique, focused, total solution for global FX trading use cases.
OTCXN was established by electronic trading and e-FX technology expert Rosario M. Ingargiola, founder of FXone, where he led the design and development of one of the most comprehensive institutional FX exchange technology stacks in the market, used by global Tier-1 clients.
He commented: “OTCXN has a crystal clear value proposition - we are eliminating credit intermediation. It's really that simple…starting with institutional FX trading. In short, we have a technological solution to the biggest problem plaguing the biggest market in the world, the FX market."
Ingargiola explained that this "credit gap" problem is directly related to the decline in global FX trading volumes for the first time since 2001, as reported in the most recent BIS Triennial Survey.
He added: "Unlike virtually all of the firms leveraging Blockchain or DLT for capital markets use cases, real-time clearing and settlement is but one feature of our total solution instead of the core value proposition.”
Phase one of the network rollout will specifically target bank and non-bank market-makers who wish to price directly to retail brokers without prime brokerage and other intermediaries and their associated layers of cost.
This will open up entirely new markets by making it possible to onboard counterparties that do not have, or cannot obtain, prime brokerage credit lines.
Huge Cost Reductions
For firms which are able to secure credit lines through prime brokerage or through a prime-of-prime, it will greatly lower costs and increase collateral, counterparty and Liquidity management options.
The company is also exploring ways to reduce capital costs for participating prime broker members while enabling them to earn prime brokerage-like fees, but without the legal and documentary overhead. Costs and risks for all counterparties will be lower for members of the network than with current incumbent systems.
Ingargiola said that the company plans to make the network offering available in NY4, LD4 and TY3. Members of the network will have a future proof, turn-key solution requiring no direct knowledge of Blockchain or other underlying technologies to benefit fully.
Binance Trial on Ice in Nigerian Court as Lawyers Demand Missing Documents
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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