Type of site Private Area served Worldwide Website Magnr | Headquarters London CEO Colin Kwan Founded 2014 | |
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Products Bitcoin, Margin Trading, Derivative Trading, Wealth Management Founders James Turner, Colin Kwan, Sergio Rodriguez, Kwok Man, Joseph Lee | ||
Magnr is a multinational company that engages in bitcoin trading and wealth management for digital currencies. The company operates across two verticals offering a bitcoin leveraged trading platform for retail traders and a bitcoin interest bearing savings account. It was founded in 2015 and is headquartered in London's Silicon Roundabout, the origin of its trading platform dates back to 2013 when the company operated as Btc.sx. At the time ZDNet reported Btc.sx to be one of the first bitcoin companies that voided the necessity of all other currencies other than Bitcoin. The company was launched from Old Street, London and is run by CEO Colin Kwan a former Deutsche Bank VP. The founding team includes veterans with experience from Barclays, eBay and Jaguar Land Rover they are Joseph Lee, James Turner, Sergio Rodriguez and Kwok Man.
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Reception
Following the Mt. Gox collapse, Magnr diversified its counterparty risk by integrating with three new exchange partners Bitstamp, itBit and Bitfinex now placing its orders out to market.The trading platform announced in March 2014 the brokerage of over $40m in transactions.
Capital investments
In April 2014, Magnr, then known as Btc.sx received 500 bitcoins from the seed accelerator, SeedCoin in its first fund raising round. The company has received a total of US$0.45 million investment as a result of an initial capital injection and its equity fundraising activities.
Regulation
Magnr operates in a climate of regulatory uncertainty with few compliance procedures enforced to provide protection to its clients globally. The New York State Department of Financial Services who is overseen by Superintendent Benjamin Lawsky hopes to be the first regulatory body to provide a full framework for virtual currency businesses.
In the UK legislative plans have been announced by HM Treasury to seek the views of digital currency businesses. This led to the government issuing a statement responding to a call for information on how to regulate the industry in the UK.