Who’s behind this? #27:AiX, UK (an artificial intelligence broker)
Coinscrum Institutional, AnyType Seed round, Clear backed by Fidelity, LBX shutting down and lots of regulation news
|Etienne Brunet||Feb 9|
Hi Everyone, Thank you for supporting the European crypto ecosystem 🇪🇺.
A great interview, a reminder about our event on Tuesday, lots of regulatory and funding news.
Etienne ( Twitter, firstname.lastname@example.org)
ps: don’t hesitate to send me an email if you enjoy this newsletter, Always great to have feedback :) and Subscribe to
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🕵️♂️Who’s behind this? #27:AiX, UK (an artificial intelligence broker)
Hi, you founded AiX in 2017 as an artificial intelligence broker, using the power of AI and blockchain technology to give traders unprecedented insight and control. Can you share a bit about your background?
Hi Etienne, firstly, congratulations on the success of your weekly newsletter- keep up the good work.
I started my career in the IDB (Inter dealer broker) market and eventually launched my own IDB business called “Red Ops”, where I built a brand-new market in the commodity options space. I went on to sell the firm to a competitor in 2012 and began trading and investing in A.I. and big data startups. Around 2016 I realized the tech now existed to enable automating the inefficient voice IDB market and so I started AiX.
I am now thrilled to be declaring AiX open for business. The team has created technology that is going to revolutionize the OTC markets and bring much needed disruption to the world of inter-dealer brokers.
How did you get into the bitcoin and blockchain industry?
I had originally planned on launching into commodity derivatives as that was my specialty, but whilst getting a proof of concept of the AiX platform built I began to explore the crypto markets in depth and realized 2 things — firstly that OTC crypto markets were identical to OTC commodity markets before the days of centralized clearing and secondly that the costs of transacting were exorbitant. I realized that we could have a much greater impact in bringing costs down in crypto by launching there, and so set my sights on that.
Tell us a bit more who is behind AiX? How big is your team? Are you hiring?
🐦 Tweets of the week
Super excited to see the vetted attendees at Coinscrum Institutional! We had 300+ applicants… it is nuts. We are already planning the second event in March (London) and one in Switzerland. Email me if you are interested to learn more about Sponsorship and speaking opportunities…
For those those following my newsletter, you may remember that I wrote about InTrade few weeks ago. FTX are super smart to leverage upcoming US elections to grow user base, offer new product and make money. However, this is really something the regulator may come after them. Good luck!
SBF@SBF_AlamedaFun fact: betfair has $15m of open interest on TRUMP and has been live for a year; FTX has $500k and has been live for a day. Pretty sure FTX has been the highest volume TRUMP market in the world today! https://t.co/q5wQXtaz7q
🤹 Startups News
“$1B isn’t locked up in Defi,” weighed in crypto legal commenter Preston Byrne. “At least $300mm of that is in ether that early investors don’t want to sell and thereby incur the tax hit, if Dai proponents are to be believed. It’s the difference between saying “Jeff Bezos is worth $100bn” and saying “Jeff Bezos has $100bn in cash.” Defi doesn’t have $100BN locked in it, it has ether that early holders didn’t want to sell, the value of which is appreciating in the middle of a nascent bull market.” [Source]
Meawhile Bitcoin reached 500m transactions this week, after having reached the 250 million tx milestone in year 2017. Now, with a dual-month rally under its belt, Bitcoin has succeeded in writing off almost half of its 2019 losses. Bitcoin managed to surpass 368,604 daily transactions on February 5th. [Source]
🎁 Startups Product & Partnership
🏦Regulations / Universities
Switzerland has new cryptocurrency AML guidelines, as the authorities are evidently concerned about cryptocurrencies. The Swiss Financial Regulator’s new guidelines are interested in cryptocurrency transactions. Any transfer above ~$1,020 will be subject to additional verification [Source]
The leaders of six major central banks may hold a meeting in April in Washington, to discuss joint research on digital currencies. Representatives from the central banks of Europe, Japan, Canada, Sweden, Britain, and Switzerland will share their findings, to look at the potential creation of their own digital currencies [Source]
Young and small cryptocurrency businesses will pay lower registration fees than big companies, the United Kingdom’s financial watchdog has decided after consultations with members of the industry. The revised fee scheme takes into account the firms’ income to determine the amount they’ll be charged to cover supervision costs [Source]
💰Fundings & M&A
My friend Alex based in Berlin just announced its investment in AnyType. The first application using the open source technology is what Notion should be if it was built in 2020. Free, Private, Open Source, Accessible offline and with endless possibility to interact with distributed systems.
Fidelity’s venture capital arm - Eight Roads - led the funding, with participation from other major telecom companies in Clear. Giant telecommunications companies say they would particularly benefit from using this technology, likely due to frequent high volume transactions. As a reminder, Clear wants to build a blockchain for high-volume transaction systems like payments between telcos [Source]
The company formerly known as London Block Exchange (LBX), which faced a lawsuit from one of its creditors, is being liquidated. LBX launched in 2017 after raising more than £2 million (roughly $2.6 million USD) from investors. [Source]
Hg invested in smartTrade Technologies to accelerate its growth as a global leader in multi-asset electronic trading solutions. SmartTrade is a managed services and hosted software provider for trading desks and a global leader in this sector. Note, The new and fully integrated smartTrade solution captures and sends post-trade data to a private and permissioned Distributed Ledger. [Source]
PoolTogether DeFi App Announces $1M Investment After No-Loss Lottery Payout Tops $1K. The company is announcing a $1.05m investment round under a simple agreement for future equity. IDEO CoLab Ventures led the round; ConsenSys and DTC Capital also invested [Source]
About the author: Etienne used to head principal strategic investment (Companies, Funds and token investment) at Elwood, One of the largest European digital assets investment firm spun off of Brevan Howard, billion-dollar Macro Hedge fund. Previously, he was part of the founding team at the largest Capital Markets Venture Fund in London, Illuminate Financial.