Sfox

Last updated
Sfox
Type Cryptocurrency exchange
Founded2015;10 years ago (2015)
Key peopleAkhbar Thobani and George Malika
Website sfox.com

SFOX (San Francisco Open Exchange) is a cryptocurrency prime dealer and trading platform [1] founded in 2015.

History

The company was founded by Akhbar Thobani and George Malika [2] in 2015 as the San Francisco Open Exchange (SFOX). [3] Thobani had previously been a software engineer at the startup Airbnb and Malika 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

  1. ↑ Pompella, Maurizio; Matousek, Roman (2021-06-01). The Palgrave Handbook of FinTech and Blockchain. Springer Nature. p. 464. ISBN   978-3-030-66433-6.
  2. 1 2 Buhr, Sarah (2014-08-23). "San Francisco Open Exchange Aims To Be The E-Trade Of Bitcoin". TechCrunch. Retrieved 2025-05-04.
  3. 1 2 Kumble, Ganesh Prasad (2020-07-31). Practical Artificial Intelligence and Blockchain: A guide to converging blockchain and AI to build smart applications for new economies. Packt Publishing Ltd. p. 115. ISBN   978-1-83882-507-2.
  4. 1 2 Kauflin, Jeff. "Startup Raises $23 Million To Make Crypto Trades Faster And Stealthier". Forbes. Retrieved 2025-05-04.
  5. ↑ Kumparak, Greg (2019-10-02). "These are the top Y Combinator companies of all time, based on valuation". TechCrunch. Retrieved 2025-05-04.
  6. ↑ Edelman, Ric (2022-05-10). 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.
  7. ↑ "Former Social Capital Partners Make First Investment Since Exit". Bloomberg.com. Archived from the original on 2024-07-12. Retrieved 2025-05-04.
  8. ↑ "SFOX Secures $22.7 Million Series A for Crypto Asset Management". Wall Street Journal. 2018-08-17. ISSN   0099-9660 . Retrieved 2025-05-04.
  9. ↑ Mehdi, Khosrow-Pour D. B. A. (2020-09-29). Encyclopedia of Organizational Knowledge, Administration, and Technology. IGI Global. p. 417. ISBN   978-1-7998-3474-8.
  10. ↑ "IRS Seeks SFOX Customer Information in Cryptocurrency Tax Push". Bloomberg.com. Archived from the original on 2022-10-03. Retrieved 2025-05-04.
  11. ↑ Frankel, Alison (August 19, 2022). "Crypto trader can sue IRS over 'John Doe' summons for Coinbase records, court says". Reuters.
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