Sidepit, a fintech startup, has secured pre-seed funding to develop a groundbreaking trading platform.
- The platform centres around a Decentralized Limit Order Book (DLOB), promising transparency and fairness in trading.
- This innovative technology addresses market manipulation in both centralised and decentralised exchanges.
- Investors worldwide supported the funding following extensive promotion across major financial hubs.
- Led by CEO Jay Berg, the company is set to pioneer a transformative approach to electronic trading.
Sidepit, headquartered in Berkeley, California, has successfully closed its pre-seed financing round, securing the necessary funds to advance a novel trading platform. At the core of this platform is a Decentralized Limit Order Book (DLOB), a patented technology aimed at democratising trading by mitigating prevalent hidden market manipulation. Such manipulation is often observed in both centralised and decentralised exchanges, and the DLOB seeks to address these issues by ensuring a fairer trading framework.
The funding round was marked by a proactive roadshow that traversed San Francisco, New York, and the Bitcoin 2024 conference held in Nashville. This strategic approach garnered support from individual investors across the globe, underscoring a significant vote of confidence in the startup’s technological promise. The diverse investor base reflects a notable cross-section of thought leaders and experts in both traditional and decentralised financial domains.
Jay Berg, the CEO and founder of Sidepit, brings a wealth of experience from his previous roles at prestigious institutions, including Bloomberg, Fortress Investment Group, and the Bitcoin exchange Coinsetter. His journey into the fintech domain was catalysed by a growing disillusionment with manipulative practices in electronic trading. Berg’s pioneering efforts include being the first to tweet Bitcoin’s ticker, symbolising his early recognition of cryptocurrency’s potential.
Central to Sidepit’s mission is the DLOB technology, which is specifically engineered to prevent trade execution risks such as flash crashes from high-frequency trading bots and front-running, also known as Miner Extracted Value (MEV), in blockchain exchanges. The DLOB facilitates a safe, fair, and transparent trading environment, providing an equitable platform for both retail and institutional traders.
Expressing his enthusiasm, Berg highlighted the significance of Sidepit’s vision in levelling the playing field within trading environments and preventing market manipulation. “Our DLOB technology is central to our mission to democratize trading,” he stated, emphasising its role in enabling true price discovery and offering equal trading opportunities for all participants.
Founded in 2023, Sidepit remains committed to its pursuit of integrity and equity in financial exchanges. The company actively engages with its audience through multiple social media channels, enhancing its visibility and outreach as it prepares for the forthcoming seed round.
Sidepit stands poised at the forefront of redefining trading dynamics with its pioneering DLOB technology.
