Bankruptcy trading platform xclaiminc closes $7 million funding round as FTX_Official, genesistrading, blockfi add crypto focus, thesamreynolds reports.
Don't miss "FTX: What Happened" with the former president of FTX's U.S. arm and Anthony Scaramucci.Bankruptcy claims trading market Xclaim has closed a $7 million Series A funding round, the company said Tuesday.
Xclaim allows for the trading of major bankruptcy creditor claims, including FTX, Genesis and BlockFi. Currently, FTX claims are going for 19 cents on the dollar,, while Genesis is going for 52.5 cents, and BlockFi for 18 cents. “To further enhance liquidity, we intend to use the capital from our recent fundraise to expand our products and service offerings. We are most excited about our innovation of Collateralized Claim Obligations,” founder and CEO Matthew Sedigh, said in a note. “By aggregating diversified pools of thousands of claims under a single umbrella, we will have created commoditized products from bespoke assets.
Xclaim says it has listed more than $1 billion of claims and traded more than $200 million in volume since it started operations in 2018, with 500 registered investors – typically individuals or firms experienced with bankruptcy claims purchasing – on the platform. Single claims as large as $52 million have traded on the exchange, Xclaim says.
Xclaim isn’t the only platform offering bankruptcy claims trading. Recently Three Arrows Capital co-founders Kyle Davies and Su Zhu launched OPNX, which is short for Open Exchange. OPNX
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