They are tackling one of the biggest trading problems: what is fair price and how to optimize execution.
Proxima Capital is an automated trading firm focused initially on spot crypto market-making and arbitrage. Their strategy works by first determining global fair value for an asset. They then use this pricing knowledge to place marginally discounted orders on exchanges, acting as market makers on these venues. Whenever they get filled at a favourable rate, they immediately lay-off risk by hedging on the best-priced exchange at the time.
In December, Proxima Capital completed its seed funding round in excess of AUD$1M from two outstanding "deep-pocketed" investors: one a founder and owner of an Australian based proprietary futures trading firm, and the other a founder and owner of one of the world's largest hedge funds based in NYC. The funding will mostly be used to build out the Sydney RnD team in order to take its IP to a level of significant reliability and scalability. Their team has grown exponentially in the past months with the recent hiring of Phillip Young as their Global Head of Software Development, and experienced fin-tech engineers Damien Haynes and Simon Molino. They are expecting to grow their team by 10 by the end of 2021. The team is excited to start the new year and aims to launch its limited access market making fund around Q2 2021 and the seed investors have negotiated substantial capacity rights to the fund.