Digital asset financial services platform BitOoda Holdings LLC announced closing a $7 million seed round on Monday.
According to the Jersey City-based company, the funding was brought on by a series of firsts over the past year, including new products – like BitOoda Difficulty financial swap and BitOoda Hash physical hashpower contract – and growth in its advisory and financial solutions business lines.
BitOoda’s platform brings together digital finance and applied science to advise on high-touch capital markets and provide block trading brokerage solutions, risk management and product engineering, through its BitOoda Digital Labs.
“I am thrilled by the explosion of interest in BitOoda’s unique business model, and the recognition of our pioneering success in bringing new, sophisticated products to the digital asset market,” said BitOoda founder and Chief Executive Officer Tim Kelly in a prepared statement. “At BitOoda, we are never happy doing things in the same way as our competitors, and we are focused on creating new market sectors where we can leverage our team’s unique expertise in capital markets, physics, and engineering.
“We are excited about the growth opportunities this seed round will enable, and plan to position ourselves to meet the soaring demand for our innovative solutions – both here in the U.S. and increasingly across Asia and Europe,” Kelly added.
According to BitOoda, investors in the seed round include Gary Ross, former head of global oil analytics and chief energy economist at S&P Global Platts and founder of PIRA Energy; Calvin Schlenker, the former head of North American Natural Gas Trading for British Petroleum; and Roy Salame, the former managing director and head of global investment opportunities group and head of commodities sales and structuring at J.P. Morgan.