BlockEx Raises $24 Million in Funding

BlockEx, a financial exchange platform provider for blockchain-based digital assets, announced on Friday that it has raised over $24 million in funding. The funds were collected in a private sale from accredited token buyers that included individuals, cryptocurrency hedge funds, family offices, and institutional investors for equity purchase.

BlockEx offers a platform that “manages the entire lifecycle of blockchain based digital assets, including origination, issuance, exchange, settlement and redemption,” according to its website.

The company is also launching a new token through its own ICO, to begin in February. The token is called the Digital Asset Exchange Token, or DAXT, and holders will have exclusive access to pre-sale ICOs that have been approved by BlockEx.

BlockEx aims to make ICO marketing easier by standardising it through its new service, BlockEx Markets, which is an online open marketplace for buying a variety of asset classes, including ICOs. The blurb on the website says: “We will proactively manage the information being published by the issuers so that it is reliable, and information on multiple ICOs is viewable on one centralised platform.”

CEO Adam Leonard explained the process: “We review the white paper and business plans to decide whether the project is financially feasible. We force all ICO issuers to subscribe to a set of governance guidelines we have adopted from our regulatory business plan. We have third-party legal teams, accountancy firms, and fiduciaries that help with four-eyed checks, and we use third-party security companies to audit the smart contracts.”

Back in September, we reported on BlockEx becoming a corporate member of the , a non-profit trade association.

In May, BlockEx partnered with law firm Winston & Strawn to create standardised templates to streamline the process of . At the time, CEO Adam Leonard said: “We have received a lot of interest from SMEs who have been excluded from capital markets because the costs of going through a bond issuance are too high. The BlockEx Digital Asset Creation tool…radically changes the existing set-up.”