In an important development in a FIntech startup, DEXTF (Decentralized Traded Funds) has been able to raise $460,000 in seed funding. DEXTF garnered an oversubscribed response in a funding round with SGInnovate and LuneX Ventures.
DEXTF is a platform where investors can directly contact with the asset managers. It essentially means there is no need for intermediaries, which used to be a significant cost factor for the process. Investors can also delegate the responsibility of making investment decisions to the asset managers and this, too, without transferring the ownership to the decision-makers.
The founding partner of LuneX Ventures, Kenrick Drijkoningen, stated that this non-custodial feature of fund management is one of the key highlights of the startup. Besides, the platform takes away the need for having an intermediary involved in the investment process. So that you know, this is the third deal that LuneX Ventures has been able to complete in partnership with SGInnovate.
DEXTF, with the help of support extended by Mindful Wealth, is heading towards completion of proof-of-concept. The startup is going to use the newly raised money to launch the product and further the technological capabilities to make the product even more efficient in the future.
Speaking on occasion, the President and Co-founder of DEXTF, Mario Aquino, said that the company is looking forward to changing the face of the asset management industry. It is especially in the wake of the rising popularity of new phenomena such as passive investment and exchange-traded funds. The infrastructure and overall investment environment have also become attractive, and this is the right time to get leverage of the business opportunity available for the organization. Not only it is beneficial for the investors and asset managers, but it is also going to help the whole ecosystem in the financial technology domain, especially in the investment industry, to lower the barriers and save the money.