Republic Protocol, a company run by a 21-year-old, has raised $34 million to build an anonymous crypto trading platform
Some of the largest cryptocurrency hedge funds have poured money into a company that's building a platform for traders who are looking to operate in the shadows.
Republic Protocol, a company run by a 21-year-old, has raised $33.8 million worth of ether, according to a Wall Street Journal report, to finance the creation of a dark pool for crypto trading. Darks pools enable large investors to make anonymous trades, off exchanges, as to not impact prices in the broader market.
"If I have 1,000 bitcoin and I want to trade it for another cryptocurrency, everyone can see that and it puts downward pressure on the price," Republic Protocol CEO Taiyang Zhang, 21, told the Journal.
Bitcoin transactions are recorded on a public ledger, but the dark pool would "temporarily conceal" a trader's identity, according to the Journal.
The firm expects to capture up to $9 billion worth of monthly trading volumes. To put that in perspective, the crypto markets see around $750 billion worth of tokens and coins change hands in a given month, according to CoinMarketCap.
Original article here: (1) http://www.businessinsider.com/21-year-old-raises-34-million-build-anonymous-crypto-trading-platform-2018-2
(2) http://www.aimhighwithvanicci.com/republic-protocol-a-company-run-by-a-21-year-old-has-raised-34-million-to-build-an-anonymous-crypto-trading-platform/
*Featured Image via Hacker Noon
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