Cryex is a company that intended to build blockchains for banks, is being sold off for bottom dollar. The business started to face difficult economic times, according to a news piece published today in Swedish media. The Swedish-based bitcoin exchange Safello are buying in exchange for shares, no cash involved, according to reports. Cryex originally burst into the spotlight in 2015 when investors poured 10+ millions of dollars worth of seed funding into the company.
The Cryex founders established the company to build blockchains for banks and similar offers. They were charged with finding ways to facilitate bank transfers with distributed ledger technology, much in the way bitcoin functions. However, their business plan seems to have fallen flat.
- Country: Sweden
- Headquarter: Stockholm
- Type: Exchange
- Round: First
- Cost: $10 million
- Date: 7-May-2015
- Investors: White Star Capital, Northzone Ventures