Peter Thiel’s Firm Backs Bitcoin Trading Start-up Tagomi Systems Company
Tagomi Systems To Improve The Crypto Trading Market
According to the Wall Street Journal, Tagomi Systems is expected to become the bitcoin version of a broker-dealer and execute orders to buy or sell virtual currencies.
In the past, Mr Peter Thiel said that Bitcoin could be the online equivalent to gold:
“I would be long bitcoin, and neutral to skeptical of just about everything else at this point with a few possible exceptions. There will be one online equivalent to gold, and the one you’d bet on would be the biggest.”
The Founders Fund was involved in a funding round for Tagomi’s start-up that resulted in $15 million dollars. Of course, there is no guarantee that Tagomi will succeed, even after Founders’ involvement. The cryptocurrency market is very volatile and could jeopardize the results of the company.
The main intention of the service presented by Tagomi Systems, is to allow important investors to buy or sell large amounts of cryptocurrencies. At the moment, this is very complicated due to the fact that there are hundreds of exchanges available all over the world.
At the same time, each exchange has its own rules and requirements, like limits on daily flows in and out, or strict know your customer (KYC) policies.
Tagomi hopes to make that easier. By borrowing a page from the stock market it would allow its clients to sell or buy virtual currencies by opening routes on various exchanges. These routes would allow institutional and/or wealthy investors to participate in the virtual currency market.