Hybrid crypto exchange Cube reaches $100 million valuation in new funding round
Summary
Cube CEO Bartosz Lipinski, a former Solana engineer, said that the company wasnt actively seeking funding but responded to "considerable inbound interest" from investors. "We closed the entire round in under a month," Lipinski told The Block, referring to the period after Cube launched its early access mode last November.The structure of the Series A round involved equity with token warrants, a source with direct knowledge of the matter told The Block. Lipinski declined to comment on the valuation.Cube was formed last year to protect traders from founder risk, particularly in response to previous incidents of centralized crypto venue collapses, such as the FTX exchange.Cube uses a hybrid model with off-chain order matching and on-chain settlement. Lipinski said this approach enables users to view their assets on-chain without relying on proof-of-reserve audits and also eliminates the need for wrapped assets.Cube currently settles natively to Bitcoin, Ethereum, Dogecoin and Solana and plans to support more Layer 1 networks in the future Lipinski said.Cube, currently in early access mode, is expected to launch publicly in the coming months. It currently holds a virtual asset service provider license in Poland and a money services business license in Canada, and it meets "all requirements" for current spot trading operations in Australia, according to Lipinski.As part of leading the Series A round, Mike Dudas, founder and managing partner of 6th Man Ventures, has joined Cubes board, Lipinski said.Disclaimer: The Block is an independent media outlet that delivers news, research, and data.