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OTC Exchange Network (OTCXN) – a shrouded in mystery fintech, announced it has closed a Series A round of financing. True to its enigmatic nature, the company has not disclosed the sum it raised.
According to its press release, OTCXN was founded by the founder of the algorithmic trading platform FXOne – Rosario Ingargiola, who is now working to develop a global forex trading platform utilizing blockchain, smart contracts and cryptographic multi-signature.
“OTCXN has a crystal clear value proposition – we are eliminating credit intermediation – it’s really that simple…starting with institutional FX trading,” noted Rosario Ingargiola, Founder and CEO. “In short, we have a technological solution to the biggest problem plaguing the biggest market in the world, the FX market.” according to Ingargiola, the credit gap was directly related to the global decline in forex trading volumes, as noted in the BIS Triennial Survey published earlier this year.
The new solution would offer real time clearing and settlement, direct pricing to retail brokers without prime brokerage and lower the costs. This, according to OTCXN will open up entirely new markets by making it possible to onboard counterparties that do not have, or cannot obtain, Prime Brokerage credit lines. For firms that are able to secure credit lines through Prime Brokerage or through a Prime-of-Prime, it will drastically reduce costs and increase collateral, counterparty and liquidity management options.
According to Ingargiola, OTCXN plans to make the network offering available in the trading data centers NY4, LD3 and TY3. The platform will be offering a turn-key solution that does not require direct knowledge of blockchain or other underlying technologies.
OTCXN is based in the Silicon Valley and is currently in “stealth mode”.