By Michael Scott
Crypto exchange firm C3 announced the closure of the seed funding round, raising $6 million. The funding round attracted the participation of Two Sigma ventures to fundraise seed capital for the decentralized exchange (DEX).
Successful Funding Round
The recent announcement by the DEX revealed that Two Sigma ventures led other investors to raise $6 million. The firm’s press release lauded the active input of Two Sigma, portrayed as the investment entity of the quantitative trading firm.
C3 executive reiterated its reputation of offering transparent self-custodial services. The user-friendly platform rivals the ease illustrated by the centralized exchanges. The successful funding round portrays a timely recovery for C3 after suffering a reputational hit following the downfall of the multibillion-dollar FTX empire.
Multiplicity of Trading Options
Unlike centralized exchanges, C3 users exercise the option of custody of their deposits. C3 entrenches the right to sovereignty by allowing users to ascertain their preferred trading. In particular, the users can consider trading from various noncustodial wallets. Also, C3 statement users can utilize custodian wallets while avoiding entrusting their deposit directly to the chosen exchange.
C3 co-founder Michel Dahdah indicated numerous opportunities exist for the entrants to offer a reliable and secure self-custodial mechanism for trading. The executive indicated that entrants could leverage blockchain-based tech innovations to navigate the uncertainty and anxiety in exchanges.
Overcoming Skepticism in Crypto Market
Dahdah decried the skepticism on the recovery of the crypto. He observed an opportunity to elevate the market structure of cryptos by onboarding users to a billion level. The executive portrayed optimism in the self-custodial approach facilitating cryptos to dethrone the conventional financial markets.
Dahdah appreciated the presence of diverse backers in the seed funding round, among them conventional investors, liquidity providers, and quant companies. The C3 co-founder appreciated the contribution of Jane Street, Flow Traders, Golden Tree, and C2 Ventures. Besides AlphaLab, C3 received backing from Cumberland DRW, CMS Holdings, Hudson River Trading, and Jump Crypto.
The presence of Two Sigma Ventures in the funding restored confidence in C3’s triumph from the tainted reputation caused by FTX’s decline. Dahdah observed that Two Sigma Ventures had immense input in the crypto space after raising $400 million in September 2022.