STIX, the leading OTC Secondaries platform, has raised $2.7 million in a recent fundraising round. The round was led by Psalion VC, with participation from Big Brain Holdings, Eterna Capital, Fisher8 Capital, Humla Ventures, 0xkb and TLF Ventures, among others. STIX aims to be the most trusted liquidity avenue for buyers and sellers of illiquid digital assets through its online marketplace in Q4 2023.
Having traded extensively in secondaries, I can state with confidence that STIX is uniquely situated to help the blockchain and crypto space avoid the serious problems that exist in the secondaries markets (fractured market, asymmetric information, massive bid-ask spreads, poor liquidity, and “back-room” deals) by establishing a transparent marketplace, with a significant first-mover advantage, a professional approach, an excellent auction system and a world class team. Not only is Psalion the lead investor in STIX, we expect to rely extensively on it’s services to both acquire and divest equity and token positions in our VC fund.” – Tim Enneking, Managing Partner at Psalion VC.
STIX is managed by an experienced team of experts with deep knowledge across Web3, capital markets, private equity and secondaries. Additionally, the team is a highly experienced provider of customised liquidity solutions, such as GP-led secondaries, continuation vehicles, and stapled commitments, to name a few.
Since its founding, the company has been actively involved with many of the leading digital asset unicorns including Eigenlayer, Celestia, zkSync, Sui (Mysten Labs), Scroll, Fuel, LayerZero, and Animoca.
A Private Platform for Pre-Launch Digital Assets
Capital raised by secondaries funds increased by 40% year over year in Q1 2023, reaching over $62.4 billion. This dramatic growth has been driven by LP’s increasing appetite to make direct investments coupled with GP’s high motivation to make distributions to LPs in order to facilitate their fundraising efforts. Despite this growth, the market to buy and sell private positions in the crypto space is still nascent, with the market suffering from a pervasive lack of liquidity, high counterparty risk, and inefficient pricing.
STIX is addressing these issues by establishing a trusted, private, and compliant OTC platform that enables data-driven price discovery and enhances secondary market liquidity. The platform will allow sellers to very easily access liquidity privately and provide buyers with unparalleled access to market-leading projects through an efficient, user-friendly interface. The STIX platform also plans to release a full-suite of proprietary risk management and portfolio analytics tools.
About STIX
STIX is the leading over-the-counter (OTC) platform for digital asset secondaries. It was founded in Q2 2023 by Taranveer Sabharwal, with the founding team stemming from leading global institutions such as PIMCO, Morgan Stanley, Franklin Templeton, and Wintermute, among others.
For more information on STIX, visit their website or contact team@stix.co
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