FX Hedgepool raises $8 million ahead of FX spot matching service

Rick Steves

The FX spot matching service will serve to further reduce market impact, tracking error, cost transparency and operational inefficiencies for buy-side participants in the foreign exchange market.

FX HedgePool has raised $8 million in Series A funding led by Information Venture Partners (Information VP) to further expand the peer-to-peer matching platform for institutional foreign exchange transactions.

Fidelity International Strategic Ventures (FISV) and NAventures, National Bank of Canada’s corporate venture capital arm, also participated in the fundraiser.

FX HedgePool strives to address market demand by delivering thirty significant product releases annually, inspired by the ‘10X innovation philosophy’ the firm ascribes to.

Such agility includes the design and development of its first platform prototype in just four weeks back in 2019, according to the firm, which added that, over the following 16 weeks, it delivered the minimum viable product that facilitated the first ever live peer-to-peer FX swaps trades in January 2020. The platform then rapidly evolved with new releases every 1 to 2 weeks.

FX HedgePool to launch FX spot matching service

FX HedgePool caters to more than 30 global institutions, including some of the largest asset managers and top-tier banks and has plans to launch an FX spot matching service by year-end to meet growing demand from its expanding community of buy-side participants.

The FX spot matching service will serve to further reduce market impact, tracking error, cost transparency and operational inefficiencies for buy-side participants in the foreign exchange market.

The fundraiser intended to draw investment to accelerate a multi-product strategy that includes the launch of the FXHP Innovation Pool, a community in which leaders in finance collaborate to address industry challenges by pushing the boundaries of technology to revolutionize the world’s largest financial marketplace.

FX HedgePool “brings efficiency, cost savings and better outcomes” to FX

Jay Moore, CEO and Co-Founder of FX HedgePool, said: “Our new partnerships will further strengthen FX HedgePool’s ability to deliver on a shared vision of changing the market for good. We’ve led the market towards peer-to-peer matching, and this investment will allow us to continue innovating to bring efficiency, cost savings and better outcomes for the investment community.”

Dave Unsworth, General Partner at Information VP, commented: “When observing changes in the FX market over the last couple of years, we saw end-investors and buy-side institutions were both affected by ineffective processes that severely impacted fund performance, and the FX market was ripe for change. FX HedgePool has proven its ability to innovate and effect change in the largest capital market in the world. We’re delighted to lead their very first investment round and support them in the next stage of their disruptive journey.”

Michael Sim, Principal at FISV, said: “FX HedgePool’s ability to transform the largest segment of the financial market aligns with our philosophy of bringing efficiency and cost savings to investors across the globe. We look forward to working with the FX HedgePool team on expanding their solutions to an even greater portion of the market.”

FX HedgePool was launched in January 2020 and has since facilitated over $4 trillion in matched foreign exchange trades for dozens of firms.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<