US-based crypto investment bank BitOoda has secured the first phase of its Series A funding. The round was led by RWE Energy Transition Investments, an investment vehicle of RWE Supply & Trading GmbH, the energy trading arm of global renewable energy company RWE.
The funding will enable BitOoda to accelerate the expansion of new, innovative and compliant capital markets solutions for institutional clients, including investment banking, bespoke structured products, spot and derivatives brokerage, research, and advisory services.
The firm also plans to further expand its industry-leading regulatory posture and grow its team to pursue opportunities surrounding the commoditization of high performance compute, tokenization and zero knowledge infrastructure.
BitOoda Founder & CEO, Tim Kelly said: “We are thrilled to have successfully closed this phase of our Series A, which will allow us to provide a more comprehensive suite of products and services for our institutional clients.”
“Now is the time for mature, compliance-focused firms like BitOoda to seize the opportunity created by the failure of unregulated and unsophisticated market incumbents,” Tim added.
Costas Papamantellos, Managing Director & Head of RWE Energy Transition Investments, added “As blockchain technology, digital assets and high performance compute markets continue to mature, we expect increased applications for established commodity trading risk management solutions. The energy industry needs to work with the growing compute sector to support the global energy transition, especially given the already complex interactions with wholesale electricity markets.”
BitOoda has demonstrated a commitment to driving this sector forward in a responsible way under appropriate regulatory oversight, and we are excited to support the team’s growth ambitions.”
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