The Auros project raised $17 million to complete the restructuring and close the balance-sheet gap caused by the collapse of FTX.
1/ For the past 4 months, Auros has been working tirelessly to strengthen our core operations and continue supporting our partners.
We’re thrilled to announce that we’ve just completed a US$17m funding round, led by VivCourt, along with participation from @BitDigital_BTBT ??
— Auros (@Auros_global) March 21, 2023
Investors include Vivienne Court, Bit Digital, Trovio, Epoch Capital, Primal Capital and Optiver’s venture partners.
The company’s board will include Vivienne Court co-founder Marcel Klossi and Bit Digital head Hughes Ching.
At the end of 2022 the company faced financial difficulties and missed several debt payments after $20 million was stuck on the collapsed FTX exchange. Auros had to file for restructuring in the British Virgin Islands bankruptcy court.
“We didn’t pay immediately because we planned to return all funds at once. Our company is profitable, so we just needed to buy time to ensure fair and equal treatment for all creditors,” explained Auros co-founder Benjamin Roth.
The head of the market-maker noted that the business continued to operate normally throughout the court proceedings.
In Auros’s statement, the investments would also be used to develop derivative services and high-frequency trading.
Earlier, FTX postponed for the third time the date of LedgerX’s sale. This time the sale is scheduled for April 4.
As reported in March 2023, Alameda Research Ventures—the investment arm of the collapsed exchange—signed a deal to sell a $45 million stake in the venture firm Sequoia Capital to Abu Dhabi’s sovereign wealth fund.
Prior to that, FTX chief John Ray stated there was a “substantial shortfall” of the platform’s capital.