IDAP, a startup cryptocurrency exchange, has announced that Sparx Ventures, an early-stage venture capital firm focused on investing in and mentoring promising, high-growth technology businesses in SE Asia, is joining the IDAX project as a strategic partner and investor.
Sparx’s Managing Partners are Simon Gerovich and Colin Baker, two former derivatives traders who now actively invest in and manage a variety of businesses in real estate, hospitality, technology, and healthcare.
“We are excited to have Sparx Ventures join us in our endeavor. Sparx Ventures’ managing partners, Simon Gerovich and Colin Baker, are veterans of the traditional equity derivatives markets and have helped to build a variety of diverse businesses. IDAP’s goal is to enable all traders and investors to access the crypto space through its platform with the same freedom they enjoy in the fiat derivatives markets. Their vast experience and expertise in fintech and broad business relationships will be very valuable for IDAP to launch on the international stage. The entire team looks forward to working closely with them.”
– IDAP CEO, Awanish Rajan
“When I first encountered IDAP, I immediately recognized that it had the potential of becoming one of the top crypto derivatives exchanges. IDAP’s advanced desktop platform brings to the crypto world the functionality, speed, reliability and risk management required by professional and institutional traders. Sparx’s aim is to help develop IDAP’s global footprint, and assist in the onboarding of institutional clients and professional traders. I have every confidence in this team’s ability to deliver, and they have already achieved an important milestone by recently launching a public testnet of their exchange. Colin and I are very excited to partner with IDAP.”
– Simon Gerovich, Sparx Ventures
Simon is the Chairman of Red Planet Hotels and a former derivatives trader at Goldman Sachs. Colin had a 20-year career trading equity derivatives, initially on the London Traded Options Market (now part of LIFFE) and later in Japan trading Japanese equity derivatives. He is the Executive Chairman of 365 Aviation Ltd and is a board member of several other companies.
International Digital Asset Platform (IDAP)
Backed by Sparx Ventures, IDAP aims to cultivate and grow its crypto derivatives exchange, which is currently operating in testnet.
IDAP will offer diverse trading instruments, including low-risk derivative strategies such as calendar and butterfly spreads. Partnering with Sparx, the two aim to develop an institutional grade infrastructure and highly advanced desktop derivatives trading platform with point-and-click ladder trading.