HK fintech FinFabrik raises seed capital led by BitMEX Ventures

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FILE PHOTO: A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017. REUTERS/Dado Ruvic/File Photo

Hong Kong-based FinFabrik, a fintech startup focused on issuance, market making, and trading of digital assets, has raised an undisclosed seed funding round led by BitMEX Ventures, an investment arm of BitMEX, owned by Seychelles-based HDR Global Trading Ltd, according to an announcement.

FinFabrik offers BrokerFabrik, that helps brokerages run an equity trading business on their platform, and CryptoFabrik, a trading platform built with capital markets expertise to assist institutions and professionals.

The proceeds of the latest investment round will allow FinFabrik to expand its technology platform and product base.

“Our team is focused on creating solutions that enable owners to deploy their assets and liabilities. Owners may digitise and fractionalise their tangible and intangible assets, raise capital, and reach investors in a frictionless manner using FinFabrik’s proprietary blockchain and machine learning technologies,” said Alex Medana, co-founder and CEO of FinFabrik.

BitMEX is a Hong-Kong-based a peer-to-peer crypto-products exchange started in 2014 which allows investors access to the global financial markets using Bitcoin. The total value of products traded on the platform hits an average of $100 million per day.

In late 2018, BitMEX started a venture arm targeting crypto business investments. Its portfolio includes Blockfolio, in which BitMEX participated in a $11.5-million Series A round.

Meanwhile, other companies in the similar space have established their own venture arm including Coinbase starting its own VC operations in April.

Huobi Group has also set up Huobi Capital to focus on investing in blockchain technology, digital currency, and others and Binance, a cryptocurrency exchange, has also announced the launch of a $1-billion fund to finance projects in blockchain technology and cryptocurrencies.

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