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.