Forex Magnates has learned that binary options provider, TRADOLOGIC, successfully raised $10 million from strategic investors in an agreement signed recently.
According to a statement from the company that was released today to Forex Magnates, half of the investment will be received immediately by TRADOLOGIC, and the other half will only be received at a later date, “after it is decided on TRADOLOGIC’s strategic roadmap.”
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According to the agreement, 20% of the total shares of TRADOLOGIC will be allocated to the new investors, giving the firm a valuation of $50 million. The existing shareholders will keep their current majority and control.
As detailed by TRADOLOGIC, the group of new investors includes financial institutions from Hong Kong and Russia, as well as what the company calls: “A popular technology company which operates in the sports betting industry.” The investors have been said to be looking into the binary options market for a while now.
The funds provided by the new investors to TRADOLOGIC will be used for establishing a branch in Asia and to seek more partnerships around the world, according to the company’s written statement.