Decrypt’s Art, Fashion, and Entertainment Hub.
Crypto trading platform Hxro has raised $15 million in a token sale to hedge fund Commonwealth Asset Management, according to a press release.
In addition to supporting derivatives trades and betting markets, Hxro has its own -based network token, HXRO. Token holders can use it to get rebates and rewards while trading on the Hxro platform.
The going rate for HXRO tokens is currently $0.75, a 14% increase over the last week.
Hxro made its name with Moonrekt—a kind of online game built around betting whether an asset will "moon" and increase in price over a predetermined timeframe or get "rekt" and decline in value. The company also offers an investment product called TixWix, geared toward the retail market; it operates via a partnership with FTX, the exchange run by crypto wunderkind Sam Bankman-Fried.
Commonwealth, based out of Los Angeles, has ties to prominent investors Alan Howard and Louis Bacon, both of whom recently invested in forthcoming EOS-based exchange Bullish Global.
"Having been active in financial markets over the last 20 years, we think a liquid options market is the next step in the evolution of decentralized crypto trading and the network is extremely well positioned for success," said CIO Adam Fisher.