Enhanced Digital Group (EDG), a wholesaler of structured products in the digital asset space, announced today a $12.5 million seed funding raise. The round was led by WebN Group – a research-based incubator backed by Alan Howard – and Genesis, with additional investors New Form Capital, Nexo Ventures, Kenetic, BH Digital, Tribe Capital and IntoTheBlock founder Jesus Rodriguez.
EDG provides customized, wholesale structured products and trading solutions for digital assets. By enhancing the product development of both traditional financial services and crypto-native firms – including exchanges, wallets, custodians, trading firms, asset managers, corporates and broker dealers – EDG is enabling a greater sophistication of crypto derivative trading solutions in a regulated, compliant, and turnkey package.
“We founded EDG because we saw a lack of offerings for investors wanting to execute more complex trades than simple buy-and-hold strategies. Anyone with exposure to crypto should be able to replicate strategies available for traditional asset classes,” Chris Bae, CEO of EDG. “Through the backing of our world-class investors, we are solving this issue by providing the institutions that service this audience a solution that addresses the growing demands of the digital derivative consumer.”
EDG will be able to offer products and services to US firms that cater to offshore and onshore traders. The funding will also provide working capital for expansion of hires in sales, technology and finance.
EDG was founded by Chris Bae, CEO, Leland Hensch, President, and Chetan Sennik as Head of Trading in October 2021. After beginning his career at Goldman Sachs, Chris most recently served as a member of UBS Asset Management’s alternative investment group, handling a portfolio totaling over $40 billion. Leland started his career in financial services at Goldman Sachs. He reached the rank of Partner within the Equities Division before moving to become CEO of Subversive Capital Acquisition Corp. Chetan joined EDG from Bank of America Merrill Lynch where he was Global Head of Currency Options, and Head of AMRS Currency Trading.
“As the environment around cryptocurrency and blockchain continues to mature, we’ve observed a growing need for crypto-native firms capable of bridging the gap between traditional markets and this new financial ecosystem,” Joshua Lim, Head Derivatives at Genesis. “EDG fills that gap by developing tailored strategies and financial products for institutional and retail investors that match their unique needs. The expert knowledge their team has accrued over years of working in derivatives trading will unlock a much higher degree of market functionality.”
EDG also welcomes advisors Tahreem, former Chief Investment Officer and Corporate Treasurer, Microsoft; Paul Baron (ex-Head of AMRS Derivatives Flow Sales, Bank of America); and George Livingston (ex-Managing Director, Bank of America, JPMorgan Chase).