PowerTrade, which is developing a mobile platform for trading Bitcoin options and other crypto-derivatives, raised $4.7 million in a private token sale. The funding round was led by venture firm Pantera Capital.
Participants in the token sale included CMS Holdings, Boxone, QCP Capital, LedgerPrime, Taureon Capital, Signum Capital, Astronaut Capital, Acheron Trading, AGE Crypto and 3Commas, as well as notable figures in the crypto community, including CoinGecko co-founder Bobby Ong.
According to the press release, the funds will be used to expand the development team to launch the app in the coming months.
“Crypto options are the next logical step in the financial development of digital asset markets, both at the institutional and retail levels. We have decided to focus on retail trading using a user-friendly platform, as there are significant untapped opportunities for growth in this market,” said PowerTrade founder Mario Gomez Lozano.
Pantera Capital co-CIO Joey Krug also stressed that “easy-to-understand options are key to further bringing cryptocurrency into retail trading.” He notes that this approach helped Robinhood achieve success.
The PowerTrade governance token, PowerTrade Fuel (PTF), is expected to list on the Singapore exchange BitMax on September 24, after a community presale on September 22, 2020.
PowerTrade plans to launch a closed beta in October and to make the app publicly available by the end of the year.
Earlier, Pantera Capital raised $164.7 million for its third venture fund.
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