Alexis Ohanian’s VC firm invests in crypto trading – The Wall Street Journal
YEREVAN, MARCH 7, ARMENPRESS. Initialized Capital, the venture-capital firm co-founded by Alexis Ohanian, has led a $2.1 million investment in a startup crypto-currency trading platform, DDEX, ARMENPRESS reports, citing The Wall Street Journal.
Ohanian made the announcement at The Wall Street Journal CIO Network Annual Meeting on Tuesday.
Initialized Capital leads the funding round with ZhenFund, based in China.
DDEX describes itself as a hybrid model decentralized cryptocurrency exchange that lets buyers and sellers of crypto-currencies trade without the need to deposit any assets into an exchange. DDEX aims to build a secure, decentralized crypto-currency trading platform.
The startup, founded in November 2017 and built on the Ethereum blockchain, says it can thwart potential hacking attacks because it never holds a user’s assets.
The funding will be used to accelerate product innovation and expand engineering and operations teams.
“With blockchain technology evolving rapidly, the challenges facing decentralized exchanges are quickly fading away,” Mr. Ohanian said in a statement. “DDEX now has the team, experience and resources to create a high functioning decentralized exchange at the perfect time.”
Mr. Ohanian announced in February he would step down from daily duties at Reddit, which he co-founded, and focus his attention on Initialized Capital. He will continue to sit on Reddit’s board.
Mr. Ohanian is known for investments in companies such as Coinbase, Instacart and Zenefits.
English –translator/editor: Tigran Sirekanyan