For plenty of people, cryptocurrency can be a confusing topic and trading it might be even more baffling. The crypto trading industry has taken off recently and become a quickly-growing community supported by a plethora of new technologies. Because of this, a solution exists for those who are looking to get involved in the lucrative space but may not comprehend all of the ins and outs of investing.
Looking to simplify the process is Dallas-based Aurox, a crypto trading platform that just secured its first equity raise of $5 million in funding to build out its solution. The fresh capital is the first step for Aurox along the way to becoming a publicly listed company.
Aurox is a trading terminal that works to make trading and investing cryptocurrency easy for the average person, the company’s CEO and co-founder Giorgi Khazaradze told Built In. It supports more than 50 exchanges and tens of thousands of trading pairs. The platform also encompasses functionalities like indicators and crypto screeners to help users make more educated and profitable investment decisions. Since its launch in 2020, the platform has amassed about 60,000 users, according to Khazaradze.
As it’s currently on track to go public before the end of this year, Aurox is strengthening its business with several new products in the works. One of which is a decentralized finance app, a solution which can allow someone to make transactions on the blockchain using smart contracts, Khazaradze said. These applications enable users to trade without a centralized authority controlling things like tokens or liquidity, and Aurox wants to make this style of trading easier.
“The technology itself is quickly expanding and there’s opportunities for people to utilize their own funds that are sitting in their bank accounts — basically dead money — and be able to earn money on top of that using decentralized platforms,” Khazaradze said. “So you can take your dollars, turn it into a stable coin and earn 10 percent interest by doing absolutely nothing. I think people love [having] the ability to do that without having to deal with the banking systems. … It’s just giving the user the power and ability to control their own assets.”
New products like these will help Aurox strengthen its revenue model ahead of its eventual public listing, according to Khazaradze. In addition to filling upper management positions on its internal team, Aurox’s new funding round, from investors including RB Capital Partners, will also go toward this goal.
“With this round, we maintained our control, we’ve maintained the majority of the shares and, on top of that, we could potentially be the first nationally listed cryptocurrency software company,” Khazaradze said. “And that is a huge step forward, not just for us, but for the entire market as well.”