Fintech startup Sidepit announced the closing of its pre-seed financing round. This funding round will enable Sidepit to accelerate the development of a transformative trading platform built around a patented Decentralized Limit Order Book (DLOB). This new technology is designed to democratize trading by eliminating the hidden market manipulation commonly found in both centralized and decentralized exchanges.
After a roadshow across San Francisco, New York, and the Bitcoin 2024 conference in Nashville, the round was funded by individual investors from around the world. Jay Berg – an experienced Wall Street quant trading and coding expert – has a background at Bloomberg, Fortress Investment Group, and regulated Bitcoin exchange Coinsetter (later acquired by Kraken). And as a pioneer in recognizing Bitcoin’s potential, he was the first to tweet the Bitcoin ticker, $BTCUSD. Disillusioned by the increasing manipulation in electronic trading, Berg authored a whitepaper introducing, and later securing a patent for, the DLOB—a blueprint for a fair and transparent exchange.
The Sidepit patented DLOB technology is considered a unique solution that prevents trade execution risks such as flash crashes from high-frequency trading (HFT) bots in centralized exchanges, and front-running, also known as Miner Extracted Value (MEV), in blockchain exchanges. This innovation creates a safe, fair and transparent trading environment for all participants.
KEY QUOTES:
“We’re thrilled by the support and encouragement from this sophisticated group of thought leaders in both traditional and decentralized finance. This early investment allows us to bring the Sidepit vision to life and positions us well as we prepare for our seed round.”
“Our DLOB technology is central to our mission to democratize trading. By preventing market manipulation and enabling true price discovery, we’re leveling the playing field for traders of all types—whether retail or institutional—and giving them equal access to opportunity. And this is just the beginning.”
-Jay Berg, CEO and Founder of Sidepit
