A new entrant to the bitcoin exchange sector is New York based Atlas. Taking the non-conventional route of securing funding for the development of their trading platform and business, Atlas has launched an indiegogo campaign. The campaign has a goal of reaching $25,000 using the crowdfunding platform. The indiegogo proceeds will be used to build a beta version of the platform, with follow on investments needed to take the product live and grow the business.
Atlas is backed by four partners with previous experience in financial electronic trading, such as at Sungard Systems and RealTick. Based on specs provided in the indiegogo campaign site, Atlas is aiming at drawing a book of both internal and external liquidity sources, hoping to attract traders, hedge funds, and market makers to use the platform.
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Having just launched, Atlas has currently reached $156 of its $25,000 goal, with 44 days left in their campaign. However, even were Atlas to reach its $25,000 goal and $50,000 follow on investment objective, the figures are below what existing firms have been looking to raise. An examples includes Coinsetter which raised $500,000 earlier this year. Beyond platform development, expenses include the need of cash and bitcoin reserves to handle margin trading and multi-exchange aggregation. However, if successful, the campaign will assist in providing Atlas a publicity boost when it goes live.