Bitfineon GmbH has successfully secured a seed funding of €1 million to launch its fiat and crypto exchange platform, Bitfineon. The funding was initiated via B.I.G Fintech, a US-based private equity sales fund.

According to Bitfineon’s CEO, Jared Grey, the exchange has been under development for about 13 months and will be unveiling a superior matching engine technology called Neutrino. Bitfineon is a fully custom platform that will provide fiat services, crypto-to-crypto trading, and a possible futures platform in the coming months.

It’s matching engine tech uses the power of concurrent GPU processing power to match trades. The advantage of this is that Bitfineon will be able to scale quickly and efficiently when compared with the industry-standard CPU-based solutions.

With regards to regulation, the platform has already obtained a license to operate from the German financial regulatory authority, BaFin. For a start, the products and services of the exchange will be offered to EU countries. There are plans to expand to the US and Asia as well. Jared said:

By launching Bitfineon as a regulated and licensed entity, our goal is to provide the crypto-space with a secure and transparent exchange that focuses on user-experience while helping to increase adoption for crypto through our intuitive and easy-to-use interface.