Young Cho, CEO and Co-CIO, Blockhouse Digital [Photo: LinkedIn]
Blockhouse Digital, an asset management firm with offices in Frisco, includes investments from strategic partners such as institutional OTC partner Blockfils, as well as significant contributions from various angel and VC investors. Completed a $2 million seed funding round.
Founded in 2023, Blockhouse specializes in collateralized lending and yield-generating strategies in the crypto market.
Blockhouse Digital said the funding will facilitate the launch of specialized financial products and services aimed at serving institutional investors, borrowers and lenders.
“There is a lack of trust available to crypto infrastructure providers and traders,” said Yong Cho, CEO and co-CIO of Blockhouse Digital. “At the same time, borrowing demand is increasing, especially among Bitcoin miners, as the Bitcoin halving approaches in Q2 2024, and miners are bracing for increased capital spending.” [Capital Expenditure] Save money and take advantage of low ASIC prices. ”
Mr. Cho has a background in fund management, loan underwriting, distressed debt trading, and startup management. His career includes stints at Salomon Brothers Quantitative Research, Citigroup Special Situations Investment Group, UBS Private Finance, and in the crypto industry, CIO of Abra, Hedera He previously held positions as CFO of AltLending and CFO of AltLending.
The newly secured funding will be used to ramp up Blockhouse Digital's technology infrastructure, expand its product offering, and strengthen its market position as a leader in crypto asset management. The company said it is committed to leveraging its expertise to deliver innovative solutions that generate sustainable returns for its customers while navigating the complexities of the digital asset environment.
“Over-the-counter trading firms and primary trading firms provide market-making services to fulfill customer orders and increase market liquidity,” said Randy Song, co-founder and chief business development officer of Blockhouse Digital. “We are seeking a line of credit for this capital.” Head of Global Corporate Sales at Abra. “Due to the imbalance in supply and demand in the crypto credit market, we believe now is an opportune time to launch a fund focused on lending in the crypto space.”
BlockFills CEO Nick Hammer said the investment will improve profitability for both companies.
“The strategic partnership between BlockFills and Blockhouse Digital truly leverages the experience, expertise and core competencies of both companies to enhance our product and service offerings for institutional investors,” said Hammer.
“As we anticipate unprecedented demand for credit, our joint efforts will enable us to add significant amounts of liquidity and innovative credit products to better serve customers in our ecosystem,” he said. ” he said. Hammer said Blockhouse will leverage Blockfils' “technology capabilities, liquidity and over-the-counter trading connectivity to create a best-in-class trading experience for the fund and its customer network.”
The company announced last month that it hosted a launch event for partners, investors and VIPs at Bel Air in Los Angeles.
Please put it on the list.
Dallas innovates every day.
Sign up to stay up-to-date on what's new and next in Dallas-Fort Worth, every day.
Read next
-
Digital Seat says the platform aims to provide much-needed support and resources to students grappling with mental health issues, while also providing a central hub for school administrators to communicate directly with the student body. He said it was aimed at. The platform can be easily accessed by simply scanning your student ID, lanyard or wristband.
-
The City of Dallas is recognizing Digital Inclusion Week from October 2nd to 6th with city-wide activities. Digital Inclusion Week is an annual initiative hosted by the National Digital Inclusion Alliance to raise awareness of digital equity and access across the county. Hundreds of organizations, advocates, and elected officials are participating, focusing on programs to improve home internet access, provide devices, provide digital skills training, and more. Dallas joins the Alliance's national awareness campaign with activities hosted by the Dallas Public Library, the Dallas Innovation Alliance, the Department of Arts and Culture, and community partners including one-on-one technical help sessions, digital skills, and more doing.
-
Coppell-based UWorld's new digital SAT prep course prepares students for the new digital format of the SAT exam. The exam will be offered this year for international students and will begin in 2024 for US students. Find out what's different about the new SAT test and how UWorld is preparing students for it.
-
The Coppell-based startup said it will use the proceeds to advance and expand its digital medical home. This includes diagnostic-enabled virtual primary care and virtual behavioral health solutions customized to fit everyone's healthcare needs. Recuro integrates advanced science, data, home diagnostics, and targeted genomics for cancer screening and pharmacogenomics to “better inform integrated care,” the company says.
-
$3.3 billion will be provided to Texas under the federal Broadband Equity, Access, and Deployment Program. The deadline for Texas to submit an initial proposal for spending the funds is Dec. 27, and the last day for public comment is today (Monday, Dec. 4).
