Source: Fortune
Summary
Theodore Gillibrand, son of Sen. Kirstin Gillibrand (D-N.Y.), is launching a derivatives exchange called American Perpetuals Exchange Corporation (APEC) with $30 million in funding led by Lux Capital. The platform will list perpetual futures, a type of futures contract without an expiration date, for equities and stock indices. APEC plans to apply for a license from the Commodity Futures Trading Commission. The rise of perpetual futures has been popularized by digital asset traders and has gained favor from U.S. regulators.
Our Reading
The numbers tell one story. Theodore Gillibrand, a 22-year-old, raises $30 million for his exchange startup, APEC. The startup is valued at $300 million. The platform will list perpetual futures, a type of derivative popular among digital asset traders. The rise of perpetual futures has been popularized by digital asset traders and has gained favor from U.S. regulators. The Gillibrand family’s connection to the crypto industry is a familiar theme.
Author: Evan Null
