Apifiny did not disclose the financial details of the process of going public.
Digital asset trading network Apifiny is planning to go public by the end of 2021. Apifiny’s decision comes just after Coinbase Global Inc noted its plans to go public in a blog post published on the 28th of January.
On the 9th of February, Apifiny revealed its intentions to go public for the advancement of the trading network. A representative of the company spoke to Finance Magnates regarding the matter, saying:
“We are considering going public to help accelerate our growth even further. We’re executing the plan and aiming to finish the process by the end of the year.
However, the company did not state whether it would follow the traditional channel of an Initial Public Offering (IPO) or a special purpose acquisition company (SPAC).
Following the listing, Apifiny would use the secured funds to expand the company. The company’s CEO Haohan Xu mentioned “vertical ways” to improve the company’s products. According to the CEO, the improvements include “having better algorithms, faster connections, having more robust servers that can process more transactions per second.”
Apifiny has two main product lines. They are Apifiny Connect and ExOne Plus. Apifiny Connect allows institutional traders to connect with crypto exchanges globally. Apifiny says that it offers better price discovery to traders.
According to the Finance Magnates report, the spokesman said that Apifiny is currently “evaluating a number of options right now.” Therefore, the spokesman added that the company may not state further details until final decisions are made.
In addition, the company did not mention the financial details as it plans to go public.
Apifiny Expansion before Going Public
Apifiny has been expanding its partnership in the crypto industry over the past months. In the last three months, the crypto trading platform has included ten new exchange platforms. Also in the same period, Apifiny’s trading volume increased four times over to $898.5 million in Bitcoin. The company trades about $1.1 billion of Bitcoin every month.
Currently, the trading network hosts a total of 24 cryptocurrency exchanges. Some of its major exchanges include KuCoin, Huobi Global, OKEx, Crypto.com, HBTC, and BitMax.
Although Apinifiny supports only spot exchanges, the company plans to include derivatives in the near future.
The Finance Magnates report also included Apifiny’s response to an inquiry on regulatory complications. The company said the regulatory complications “come into play” when it becomes an exchange client.
“Most of the exchanges play it safe by not taking on US clients, while some others do. We try our best to connect every exchange that is comfortable with US clients. When we take on an exchange as a client, unless the exchange is from or has ties with sanction list countries, then we do our best to connect with that exchange,” explained the team.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
