The foreign exchange platform TigerWit (老虎外汇) announced it has received nearly $10 million investment from Susquehanna International Group (SIG). The company plans to use the money to enhance its financial technologies and improve user experience.
Founded in 2014, TigerWit provides individual and institutional traders around the world with an extensive and diversified range of online trading tools and services, including mobile trading software, copy trading services and the building of foreign exchange platforms. The Beijing-based company claims that it has served nearly 200,000 clients in the global foreign exchange market ever since it went online in 2015.
Leveraging its technological advantage, TigerWit hopes to address such chronic pain points as lack of transparency, inefficiency and bad trading experience in foreign exchange transactions.
Specifically, utilizing technologies including blockchains, TigerWit builds distributed ledger databases and creates smart contracts for foreign exchange transactions, which help break the dependence of foreign exchanges on internet data center servers, cut the cost of building trust in the global foreign exchange market, reduce the risk of data manipulation, and consequently create for users a fair, transparent, efficient and low-cost trading environment.
In the future, in addition to improving its technologies, TigerWit plans to invest more to help safeguard users’ money. As of now, TigerWit has obtained a financial service license from the Australian Securities and Investments Commission (ASIC) and is fully authorized by Bahamas International Securities Exchange and the British Financial Conduct Authority (FCA).