Singapore-based FX and Crypto Options trading platform SynOption today announced that it had secured a US$4.7 million Pre-Series A funding round from Macquarie Group, Matrixport Ventures (the venture investing arm of Matrixport, the company behind Bit.com), Kristal Advisors and its existing angel investors.
In a statement, SynOption CEO Anchal Jain said, “We appreciate the confidence shown by investors in our ability to build options-focused products. The money raised is to build more product lines, including price distribution and risk management solutions. We are going live with our crypto analytics and aggregation solutions soon. We will keep the same ethos of empowering clients with the ability to understand options as well as trade them.”
Also Read: The race of Web3 and crypto infrastructure vs big tech
SynOption focuses on FX Options and Crypto Options Solutions for institutional clients. It holds a Recognized Market Operator (RMO) license from Monetary Authority of Singapore (MAS) since 2020 for provision of OTC derivatives. The platform provides institutional solutions for analytics, trade execution and post-trade analytics in FX Options.
The company is also looking forward to expanding its business to the US market.
COO SynOption Gurpreet Chhatwal commented on the expansion plan, “Being licensed by the MAS in Singapore to operate an FX Options venue, the firm is now looking towards getting a SEF exemption before opening the FXO platform to US participants. Our interaction with institutional participants has helped in growing our product understanding and need immensely. We are thankful to the first clients that have signed up to our price distribution and risk management solutions.”
—
Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.
Image Credit: dookdui
The post SynOption closes Pre-Series A funding round to build more product lines appeared first on e27.