Finance:Sfox
SFOX (San Francisco Open Exchange) is a cryptocurrency prime dealer and trading platform[1] founded in 2015.
History
The company was founded by George Melika and Akhbar Thobani[2] in 2015 as the San Francisco Open Exchange (SFOX).[3] Thobani had previously been a software engineer at the startup Airbnb and Melika had been a software developer for asset manager Nuveen.[4] It is a remote company and has no headquarters.[5] It operates as a prime dealer and trading platform.[6] Its users are primarily hedge funds and other institutional investors,[7] it originally accepted users on an invitation-only basis.[2]
As of 2018, Forbes estimated its yearly revenue to be roughly $15 million.[4] In 2018, it raised $22.7 million in funding led by Y Combinator and Tribe Capital.[8]
In 2019, SFOX announced a partnership with M. Y. Safra Bank of New York to offer FDIC insured deposit accounts for crypto traders.[9]
As of 2020, the exchange had a gross trading volume of $11 billion.[3]
In August 2022, the IRS filed requests to serve information summonses to SFOX and M. Y. Safra Bank for the purpose of collecting tax information.[10] On August 15, 2022 the United States Department of Justice ruled that SFOX would have to provide the IRS with trading records for users conducted trades totaling $20,000 or more on its platform.[11]
References
- ↑ Pompella, Maurizio; Matousek, Roman (2021-06-01) (in en). The Palgrave Handbook of FinTech and Blockchain. Springer Nature. pp. 464. ISBN 978-3-030-66433-6. https://books.google.com/books?id=HTsxEAAAQBAJ&dq=sfox+cryptocurrency&pg=PA464.
- ↑ 2.0 2.1 Buhr, Sarah (2014-08-23). "San Francisco Open Exchange Aims To Be The E-Trade Of Bitcoin" (in en-US). https://techcrunch.com/2014/08/23/san-francisco-open-exchange-aims-to-be-the-e-trade-of-bitcoin/.
- ↑ 3.0 3.1 Kumble, Ganesh Prasad (2020-07-31) (in en). Practical Artificial Intelligence and Blockchain: A guide to converging blockchain and AI to build smart applications for new economies. Packt Publishing Ltd. pp. 115. ISBN 978-1-83882-507-2. https://books.google.com/books?id=5f30DwAAQBAJ&dq=sfox+cryptocurrency&pg=PA115.
- ↑ 4.0 4.1 Kauflin, Jeff. "Startup Raises $23 Million To Make Crypto Trades Faster And Stealthier" (in en). https://www.forbes.com/sites/jeffkauflin/2018/08/16/startup-raises-23-million-to-make-crypto-trades-faster-and-stealthier/.
- ↑ Kumparak, Greg (2019-10-02). "These are the top Y Combinator companies of all time, based on valuation" (in en-US). https://techcrunch.com/2019/10/02/these-are-the-top-y-combinator-companies-of-all-time-based-on-valuation/.
- ↑ Edelman, Ric (2022-05-10) (in en). The Truth About Crypto: A Practical, Easy-to-Understand Guide to Bitcoin, Blockchain, NFTs, and Other Digital Assets. Simon and Schuster. ISBN 978-1-6680-0234-6. https://books.google.com/books?id=5xBJEAAAQBAJ&dq=sfox+crypto&pg=PT181.
- ↑ "Former Social Capital Partners Make First Investment Since Exit" (in en). Bloomberg.com. https://www.bloomberg.com/news/articles/2018-08-16/former-social-capital-partners-make-first-investment-since-exit.
- ↑ "SFOX Secures $22.7 Million Series A for Crypto Asset Management" (in en-US). Wall Street Journal. 2018-08-17. ISSN 0099-9660. https://www.wsj.com/articles/sfox-secures-22-7-million-series-a-for-crypto-asset-management-1534518931.
- ↑ Mehdi, Khosrow-Pour D. B. A. (2020-09-29) (in en). Encyclopedia of Organizational Knowledge, Administration, and Technology. IGI Global. pp. 417. ISBN 978-1-7998-3474-8. https://books.google.com/books?id=mrgIEAAAQBAJ&dq=sfox+cryptocurrency&pg=PA417.
- ↑ "IRS Seeks SFOX Customer Information in Cryptocurrency Tax Push" (in en). Bloomberg.com. https://www.bloomberg.com/news/articles/2022-08-10/irs-seeks-sfox-customer-information-in-cryptocurrency-tax-push.
- ↑ Frankel, Alison (August 19, 2022). "Crypto trader can sue IRS over 'John Doe' summons for Coinbase records, court says". https://www.reuters.com/legal/government/crypto-trader-can-sue-irs-over-john-doe-summons-coinbase-records-1st-circ-2022-08-19/.
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