FXCH Ltd., the Spot-FX blockchain clearing firm, announced that it is raising €8.5 million in the first round of financing beginning this week, including an equity crowdfunding campaign on Seedrs.com, Finextra.com reported.

Leveraging blockchain technology, FXCH offers full transparency of settlement, building trust in the integrity of the clearing process. The firm earlier in July settled the first FX trade on the blockchain.

"First, equity crowdfunding epitomises the spirit of open source, from which we have benefited over the years. It is a way for us to give back, allowing the crowd - private investors - to join our efforts in disrupting the markets,” Franck Mikulecz, Managing Director of FXCH's told Finextra, when asked about the use of crowdfunding when traditional sources of investment are not in short supply for fintech in general with blockchain implementation in particular. “I think crowdfunding attracts people who want to do things differently. By starting with crowdfunding, I think we send the right message."

FXCH Ltd. is not raising €8.5 million from just the crowdfunding campaign. Strategic investors are already in discussion to participate after this round. With the support of established names in the investment banking, broking and hedge fund sectors, and even the possibility of an exchange, the company aims to establish the Clearing House's credibility and get a faster consensus. The company made few attempts to partner with established exchanges to offer a cleared Spot-FX service. But for budget reasons or just cultural differences, it did not take off.

"What we are bringing to the OTC world of Spot-FX with FXCH is this streamlined simplicity of a Clearing House. Our usage of the blockchain reinforces that simplicity with transparency," Marc Despallieres, Director of APAC at FXCH.

Seedrs is a British platform that is successful in fintech fundraising. It operates via nominee vehicles so all investors, small or large, have the same investment conditions and protection.