Xclaim: Revolutionizing Bankruptcy Claims Trading

According to reports, Xclaim, a bankruptcy claims trading platform, has completed a round A financing of $7 million. Xclaim allows for the trading of major bankruptcy creditor claims, including FTX, Genesis, and BlockFi. At present, the claim price for FTX is 19 cents, higher than the 13 cents earlier this year, while Genesis is is 52.5 cents and BlockFi is 18 cents.

Bankruptcy claims trading platform Xclaim completes a round A financing of $7 million

In recent years, the world of finance has witnessed a significant shift towards digital platforms, with the rise of fintech companies revolutionizing various aspects of the industry. One such area that has been subject to disruption is the bankruptcy claims trading market, which has traditionally been dominated by manual processes and slow transactions. However, with the advent of platforms like Xclaim, the landscape of claims trading is changing rapidly. In this article, we will explore the Xclaim platform, its features, and the financing round it has completed recently.

What is Xclaim?

Xclaim is a claims trading platform that offers a more efficient and transparent process for trading major bankruptcy creditor claims. The platform leverages blockchain technology and smart contracts to facilitate the trading of claims, thereby reducing the administrative burden and costs incurred by traditional methods. Xclaim’s innovative approach has made it a credible alternative for creditors looking to sell their claims and investors seeking to purchase them.

A Round A Financing of $7 Million Completed

Recently, Xclaim completed a round A financing of $7 million, signaling investor confidence in the company’s potential. The financing round was led by a group of investors, including Costanoa Ventures, Bowery Capital, and Fluid Ventures. The funds raised will be used to enhance the platform’s features and expand its outreach to more potential creditors and investors.

How Does Xclaim Work?

When a company files for bankruptcy, its creditors are left with the option to either wait for the outcome of the bankruptcy proceedings or sell their claims to interested investors. Traditionally, creditors would have to manually navigate the complex and time-consuming process of finding buyers and negotiating terms. However, with Xclaim, this process is made much more straightforward and efficient.
Using Xclaim, creditors can list their claims for sale and set their own prices. Verified investors looking to purchase claims can then see these listings and approach the creditor with their offers. Xclaim leverages blockchain technology to ensure transparency and prevent fraud, while smart contracts are used to automate the settlement process. The platform charges a small fee for each transaction, which is significantly lower than the fees charged by traditional intermediaries.

The Current Price of Major Bankruptcy Creditor Claims on Xclaim

As per recent reports, FTX, Genesis, and BlockFi are among the major companies whose creditor claims are being traded on the Xclaim platform. At present, the claim price for FTX is 19 cents, higher than the 13 cents earlier this year, while Genesis’ claim is 52.5 cents and that of BlockFi is 18 cents.

Conclusion

Xclaim is an innovative platform that is redefining bankruptcy claims trading by leveraging technology to simplify the process while maintaining efficiency and transparency. With the recent round A financing of $7 million, the company is poised for growth and expansion, and we can expect to see more players entering this space as interest in the claims trading market continues to rise.

FAQ

1. **What is bankruptcy claims trading?**
Bankruptcy claims trading is the process of buying and selling creditor claims in a bankrupt company.
2. **What are the benefits of using Xclaim?**
Xclaim offers a more efficient and transparent process for trading claims, reducing administrative burden and costs, and leveraging blockchain technology and smart contracts to ensure transparency and prevent fraud.
3. **Which companies’ creditor claims are being traded on Xclaim?**
Major companies like FTX, Genesis, and BlockFi have creditor claims currently listed and being traded on the Xclaim platform.