Institutional On-Chain Finance Startup Fractal Announces $6M Seed Raise
GENEVA, April 17, 2023 /PRNewswire/ -- Fractal, an infrastructure provider enabling institutions to clear, settle, and margin digital asset trades on-chain, announced today it has secured $6M in financing led by Hack VC. They are joined by a suite of strategic investors including 6th Man Ventures (6MV), Archetype Ventures, Avalanche Ecosystem Fund Blizzard, Circle Ventures, CMT Digital, CoinShares, GoldenTree Asset Management, QCP Capital, Spartan Group, as well as angel investors Akshai Rajendran, Anand Gomes, Josh Frank, Shiliang Tang and Sid Powell. The funding will be used to continue launching institutional-grade products that facilitate capital efficiency, transparency, as well as a simplified user journey.
- In the wake of ongoing developments in the CeFi space, institutional interest has intensified in finding fit-for-purpose solutions to facilitate on-chain finance.
- "We gave Fractal a term sheet the week after the FTX collapse and their team was able to close the round in the 3 weeks following, emphasizing institutional investor confidence.
- Fractal is well positioned to build the connective tissue and capital efficient solutions between assets on- and off-chain," said Alex Pack, Managing Partner at Hack VC.
- With over 20 years of experience in financial markets, Itay supports the Fractal team as a strategic advisor.