Crypto exchange C3 aims to fix a big flaw exposed in the collapse of FTX. Its cofounders just raised $6 million from hedge fund Two Sigma's venture arm.
The crypto exchange C3 has raised $6 million in seed funding led by Two Sigma Ventures.Cofounder Michel Dahdah told Insider he's aiming to fix the flaws that led to FTX's collapse., BlockFi, Celsius, Voyager, Genesis — has exposed major flaws within several crypto financial institutions. Michel Dahdah believes his company, the crypto exchange C3, can fix one big challenge these crypto companies face: the custody question.
A long list of traditional hedge funds and trading firms also invested, including Jane Street Capital, Hudson River Trading, Flow Traders, Jump Capital, and GoldenTree Asset Management, as well as the crypto-native trading firms CMS Holdings, AlphaLab Capital, and Cumberland, a division of DRW. The crypto-focused VC firm C2 Ventures also participated.
Centralized crypto exchanges, such as Binance, Kraken, and Coinbase, are often the easiest way for such customers to gain access to crypto."In Venezuela, Argentina, everyone's using Binance as their bank," Dahdah said. So C3 allows its customers to keep their funds in non-custodial crypto wallets or to use another financial custodian of their choosing, such as Fireblocks or Anchorage. Of course, that doesn't solve all the regulatory woes crypto faces — Kraken, for instance, shuttered one of its US services this week in a
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