Data analytics platform for cryptocurrency markets Skew has raised £4m in a funding round led by Octopus Ventures.

The funds will be used to expand further its London-based engineering team and strengthen its distribution capabilities, and bring its total raised to $7m.

Before co-founding skew in September 2018 in London, Emmanuel Goh and Tim Noat worked as equity derivatives traders for US banks J.P Morgan and Citigroup.

Goh, the firm’s CEO said: “We want to position skew as the gate to the cryptocurrency markets for professional market participants where they can access real-time analytics and liquidity networks using the same account.”

The firm also announces the launch of skewTrading, to provide its institutional users with access to liquidity across crypto capital markets.

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skewTrading is a new trade execution and electronic brokerage platform, connecting institutional investors with liquidity providers across listed and over-the-counter (OTC) products, ranging from spot to futures and options.

Skew already operates skewAnalytics, its data analytics platform providing real-time monitoring services for cryptocurrency markets.

The platform has 1,000 corporate users, which has more than doubled since February.

Skew has also teamed up with Kyte, a regulated inter-dealer broker headquartered in the UK, to launch the skewTrading platform.

Zihao Xu, Octopus Ventures’ investment manager and skew’s new board director, added: “We’re delighted to be supporting Emmanuel, Tim and the rest of the skew team on their journey to help open up crypto to institutions.

“The team has already built a sterling reputation off the back of skewAnalytics, and the launch of skewTrading adds an important dimension to the company’s offering. We look to back pioneers reimagining the future of money, and skew falls squarely into that mandate.”