Xclaim, a Los Angeles, CA-based public marketplace to trade crypto assets locked by bankruptcy, raised $7.0M in Series A funding.
The round was led by Josh Jones.
The company intends to use the funds to accelerate adoption for trading bankruptcy claims electronically by introducing new financial products to enhance market liquidity and accessibility.
Led by Founder and CEO Matthew Sedigh, Xclaim provides a platform that offers an interface that allows customers to manage and market their claims against bankrupt crypto exchanges such as FTX, BlockFi, Celsius, Genesis, 3AC, Voyager and CRED. Customers are also provided with expert analysis and insights into the bankruptcy proceedings and market activity, enabling more-informed decision-making and reducing costs and time-needs relative to the offline dark-market dynamic prior to Xclaim.
Xclaim has listed over $600M of crypto claims from customers globally and traded over $200M in claims. Claims as large as $52M have traded through the platform.
As of March 31, 2023, 1,053 claims representing $496M were actively listed for sale through Xclaim. Tradable with over 500 registered investors, the market dynamics of supply and demand are in balance for a fair and free-market trading environment.
FinSMEs
11/04/2023