- Two former employees of BlackRock launch a blockchain-based trading platform called HelloTrade.
- HelloTrade intends to provide global access to stock and other traditional asset trading via mobile.
- The platform secured $4.6 million in seed funding from Dragonfly Capital and Mirana Ventures.
The global financial ecosystem is on the cusp of a significant shift, thanks to the launch of HelloTrade, a blockchain-powered trading platform founded by ex-BlackRock employees. Recent reports reveal that Kelvin Tang and Wyatt Raich have secured a staggering $4.6 million in funding to propel their blockchain firm forward.
Recognizing the limitations faced by international investors in accessing US stocks and other traditional assets, Tang and Raich have created this mobile-first platform that enables anyone with an internet connection to participate in these markets. With impressive seed funding from prominent investors like Dragonfly Capital and Mirana Ventures, HelloTrade is well-positioned to capitalize on the growing demand for blockchain technology and related financial solutions.
What’s Behind the Launch of HelloTrade?
On Thursday, Kelvin Tang and Wyatt Raich, two former executives of the investment giant BlackRock, announced the launch of HelloTrade, an innovative mobile-first trading platform that leverages blockchain technology to provide unparalleled access to traditional assets.
Having played a pivotal role in the asset manager’s transformation from a crypto sceptic to a major player in the sector, Tang and Raich have now set their sights on democratizing investment opportunities for a global audience. Along with the HelloTrade launch announcement today, the executives also revealed the $4.6 million seed fund from Dragonfly Capital and Mirana Ventures.
Why HelloTrade?
As Tang and Raich have significantly supported BlackRock throughout its journey to become a Wall Street giant, they identified a critical gap in global investment access. They realized that international investors faced notable hurdles in participating in common investment opportunities, such as buying US stocks.
This insight led them to co-found HelloTrade, the mobile-first trading platform leveraging blockchain technology. The main focus of this platform is to bridge this gap and democratize access to traditional assets. The founders noted, “
“We see a huge market opportunity to make these traditional assets such as stocks and commodities accessible to anyone around the world with an internet connection. We believe that the next frontier of blockchain adoption will be the movement of these traditional markets on chain.”
Significantly, the platform intends to provide global investors access to US assets. As per the BlackRock executives’ statement, community members outside the US have difficulty exploring these assets.
For example, the current brokerage systems make it hard for people in Vietnam, Indonesia, or other non-US clients to buy assets and stocks. By using blockchain and crypto technologies, the new trading platform plans to provide a smooth resolution. With its perpetual futures trading, the firm also offers customers more exposure to assets.
Moreover, HelloTrade aims to disrupt the trading platform ecosystem, competing with the likes of Robinhood and Revolut, by offering a more streamlined and user-friendly experience.
According to Tang, existing platforms can be complicated and difficult to navigate. The firm’s product, expected to launch by year-end or early next year, will prioritize intuitive design. The startup currently has a lean team of around 10 employees, setting the stage for a promising launch.
Wall Street Comes to Crypto
The influx of talent from traditional finance to crypto is gaining momentum. Many experts from traditional finance are transitioning to the crypto sector. This trend is particularly driven by the growing adoption of blockchain technology by more financial giants.
It is noteworthy that Andreessen Horowitz’s crypto arm reported that many workers entering the space come from a traditional finance background. This highlights a significant shift in the financial space.
