Cryptocurrency trading platform Hxro has raised $15 million through the sale of tokens to hedge fund Commonwealth Asset Management, Decrypt said June 2, citing a press release.
In addition to supporting derivatives trading and betting markets, Hxro also has its own ethereum-based network token, Hxro, which holders can use to earn rebates and rewards when trading on the Hxro platform.
The current price of the HXRO token is $0.75, up 14% compared to last week.
Hxro is known for Moonrekt, an online game that revolves around whether an asset will reach “moon” and rise or hit “rekt” and depreciate in value within a predetermined time frame. The company also offers an investment product for the retail market called TixWix; it operates in partnership with the FTX exchange, run by cryptocurrency wizard Sam Bankman-Fried.
Los Angeles-based Commonwealth has ties to well-known investors Alan Howard and Louis Bacon, both of whom recently invested in the upcoming EOS-based exchange Bullish Global.
Adam Fisher, CIO of Hxro, stated
We have been active in the financial markets for the past 20 years and we see the liquid options market as the next step in the development of decentralized cryptocurrency trading and the network has a very good chance of success.
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