A mobile bitcoin options trading platform set to launch this year has secured funding from some of the industry's top-tier investors.
- PowerTrade raised $4.7 million via token sales in a round led by Pantera Capital and joined by Framework Ventures, CMS Holdings and QCP Capital among others.
- Prominent founders Kain Warwick of Synthetix, Loi Luu of Kyber Network and Bobby Ong of CoinGecko also participated.
- PowerTrade said in a press release it will offer low minimum deposits allowing traders access to crypto options for as little as $1.
- Making options trading easy to understand is "key" to furthering crypto adoption from retail investors, said Joey Krug, Pantera Capital's co-chief investment officer.
- Krug attributed Robinhood's success to its ease of use and said PowerTrade could bring a "similar user experience" to the cryptocurrency market.
- The platform, which will launch to non-U.S. traders first, will focus on user experience and education, while helping traders understand and manage risk, it said.
- PowerTrade was founded by the former CTO of the Liquid exchange, Mario Gomez Lozada, alongside a team of technologists and cryptocurrency veterans in May.
- The app will enter closed beta in October and see its public release Q4 2020.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.