The price of the acquisition was not disclosed, but Altcoin.io had raised around $1 million in funding, according to Crunchbase, so the price tag likely wasn’t large.
Founded in 2017, Altcoin.io pitches itself as a safer alternative to traditional cryptocurrency exchanges through a decentralized model where it facilitates trades but does not act as a central authority. As its name suggests, the company helps facilitate altcoins, which are alternative cryptocurrencies to bitcoin usually launched via initial coin offerings.
“Decentralization is the process of distributing or dispersing functions, powers, people or things away from a central location or authority,” Altcoins.io explains on its website. “Cryptocurrency trading needs a resilient environment and decentralized exchanges are the answer.”
For BnkToTheFuture, the Altcoin.io acquisition gives the company an expanded platform and tech to build on its existing secondary market for equities trading in crypto and blockchain companies. BnkToTheFuture intends to use Altcoin.io to launch a news Securities Token Exchange, a spokesperson for the company told SiliconANGLE.
“Capital markets are long overdue for an upgrade,” Andrew Gazdecki, chief executive officer of Altcoin.io, said in a statement. “Much of it still relies on paper and outdated tech, so they’re slow and inefficient. Blockchain technology now presents an opportunity to fractionalize traditionally illiquid assets to democratize the market and remove barriers to entry.”
BnkToTheFuture has an illustrious history when it comes to facilitating funding in crypto- and blockchain-related startups. Its investment alumni includes Coinbase Inc., Circle Inc., BitStamp Ltd., BitFinex (iFinex Inc.), Shapeshift, Ripple Labs Inc. and Kraken Inc. To date, BnkToTheFuture has raised around $775 million for various crypto and blockchain startups.
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