Numerous top-tier players in the blockchain sector have reportedly lended their support to a new crypto derivatives exchange – a sign showing the next bull market could be led by institutional investors.

Specifically, crypto derivatives platform Globe has reportedly been successful in securing $3 million via seed investment, to make its Globe Derivative Exchange available. 

The new platform was reportedly designed to establish a gateway for institutional investors to enter the crypto sphere. Investors in the initial phase of the project include billionaire Tim Draper, blockchain investment fund Pantera Capital and venture capital firm Y Combinator.

Pantera executive Paul Veradittakit reportedly shared his remarks, claiming the increasing level of interest from institutional interest in crypto is reportedly among the biggest driving forces for his firm to finalize the Globe investment. 

“We’re seeing a wave of interest in crypto assets from major banks, fintech companies, and portfolio managers. Globe has built the platform and products that these sophisticated market players need and expect. […] We’re excited to support the Globe team in delivering a next-generation platform for the crypto financial system.”

Globe has worked to introduce its self-developed matching and risk engine – goes by the name “Thor”. The firm revealed that Thor is a collaborative project of engineers from major financial services entities, including JPMorgan Chase, BofA Securities, Citibank, UBS and Getco.