Blockchain Startup Apifiny Plans to Go PublicFebruary 9, 2021
Apifiny, a blockchain-based payments platform, revealed on Tuesday its intentions to go public, which will help the company to accelerate its growth. This came after the firm inked scores of deals with several crypto exchanges.
“We’re considering going public to help accelerate our growth even further. We’re executing the plan and aiming to finish the process by the end of this year,” a company spokesperson told Finance Magnates.
However, the company refused to disclose any further details or even its financials. Additionally, it is unclear if it will go with an initial public offering (IPO) or take the convenient SPAC route.
“We’re evaluating a number of options right now, but we cannot disclose where or how just yet,” the spokesperson added.
Creating a Single Window for Crypto Trading
Apifiny connects to the global cryptocurrency exchanges and offers a single market window to the traders. It facilitates access to foreign crypto exchange for US-based traders and claims to offer the best available pricing globally across connected exchanges.
The startup is aggressively expanding its industry partnership and added ten new cryptocurrency exchanges over the last three months, taking the total number to 24. Some of the key exchange partners are Huobi Global, OKEx, Kucoin, BitMax and HBTC.
Though the platform only supports spot exchanges now, it has plans to add derivatives exchanges as well.
When asked about the regulatory complications, Apifiny explained: “There are two parts to address here: One is when we become an exchange’s client, another is when an exchange becomes our client. When we become an exchange’s client, local regulations rather than US regulations will come into play.”
“Most of the exchanges play it safe by not taking on US clients, while some others do. We try our best to connect to every exchange that is comfortable with U.S. clients. When we take on an exchange as a client, unless the exchange is from or has ties with sanction list countries, then we do our best to connect with that exchange.”
The California-based company grew significantly since its inception in 2019 and the trading volume on it grew 4 times over the last 3 months to $898.5 million in Bitcoin.
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