We are still in the early days of cryptocurrency — or at least that’s what all of the startups that are jumping into this space NOW hope. And when there’s a gold rush, there’s plenty of money to be made by selling shovels (or ASIC rigs) to miners. It’s no surprise, then, that we are now seeing the emergence of a new class of B2B startups in crypto, too (think Trading Technologies and TradeDesk).
Among the newest entries in this business is Seattle-based Strix Leviathan, which is building a crypto-trading platform for large entities like hedge funds, banks and traditional enterprise companies that don’t want to have to build their own trading infrastructure.
Strix Leviathan was founded by Jesse Proudman, who previously founded Blue Box in 2003, a cloud computing company that focused on private cloud deployment, which he then sold to IBM in 2015.
Proudman tells me he started tracking the cryptocurrency markets a while ago, but that it was only last summer, when he took an entrepreneur in residence position at IBM, that he started focusing on this. “This set of technologies reminds me of being at my startup in 1997 — at the start of the internet,” he told me. He argues that what we have today is a set of technologies that have been deployed in the real world and that provide a large enough ecosystem, yet there is a huge user experience problem because it takes months of learning to actually understand these systems.