Skew, a London-based cryptocurrency data provider, has raised a seed round to bring clarity to the cryptocurrency derivatives market.
Announced Wednesday, the startup raised a $2 million seed round led by Firstminute Capital with participation from Seedcamp, Kima Ventures, Kleiner Perkins, and QCP Capital, to build out its flagship derivatives data platform, skewAnalytics.
"It is of prime importance that market participants are able to rely on high-quality data and information to make their decisions," Skew CEO and cofounder Emmanuel Goh tells The Block.
Skew was founded by Goh and Tim Noat, former derivatives traders at JPMorgan and Citi. Since launching in September 2018, the firm has hired employees from financial institutions like UBS, Goldman Sachs, and Deutsche Boerse.
According to Skew, in the third quarter of 2019, the firm saw 30% month-over-month user growth. "Our user base is well spread across the three main regions, with Japan as [a] top country, U.S., and then [the] U.K.," Goh tells The Block.
Skew is entering a crowded market of cryptocurrency data providers. Recently, Flipside Crypto raised $7.1 million to build out its analytics solution for measuring a project's "fundamental health." In February, Coin Metrics raised $1.9 million to offer on-chain analytics data.
Goh says he believes Skew's advantage over these competing products is the "uniqueness" of the firm's data set for "crypto derivatives - funding, open interest, order book depth, volatility curves, futures term structures among others, all in real-time." Adding that the firm's offering is "targeted towards institutions and corporates who in traditional markets are used to receiving analysis on flows and positioning rather than technical analysis - an already well-covered area in crypto markets."
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