SolidX Partners
Blockchain Based Identity and Authentication.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor investor investor investor | €0.0 | round | |
| investor | €0.0 | round | |
| N/A | $1.8m | Series A | |
| Total Funding | 000k | ||
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SolidX Partners, founded in 2014 by Daniel H. Gallancy and Dimitri Nemirovsky, is a financial services company focused on integrating blockchain technology and digital assets into the institutional investment landscape. Gallancy, the CEO, has a background in physics, electrical engineering, and finance, having worked as an investment professional before venturing into the crypto space in 2011. This blend of technical and financial expertise shaped the firm's direction. Nemirovsky brought experience in financial services law and blockchain applications.
The company initially aimed to provide institutional investors, like hedge funds and asset managers, with access to the Bitcoin market through vehicles such as total return swaps. This allowed clients to gain exposure to Bitcoin's price movements without directly handling the complexities of cryptocurrency custody and compliance. In 2015, a significant milestone was achieved when SolidX secured $125 million in Bitcoin insurance coverage from a syndicate of underwriters at Lloyd's of London.
A major focus for SolidX became the creation of a physically-backed Bitcoin Exchange-Traded Fund (ETF). In 2016, the company established the SolidX Bitcoin Trust and filed with the U.S. Securities and Exchange Commission (SEC) to create the first Bitcoin ETF. After an initial rejection, SolidX partnered with investment manager VanEck in 2018 to launch the VanEck SolidX Bitcoin Trust. Despite multiple filings and delays, the joint ETF proposal was ultimately withdrawn in September 2019. Prior to the withdrawal, the partners offered a limited version of the product to qualified institutional buyers under SEC Rule 144A.
The partnership with VanEck ended in 2020, leading SolidX to file a lawsuit against its former partner, alleging breach of contract and misuse of its work to create a separate Bitcoin ETF. The legal proceedings are reportedly ongoing. Beyond its ETF efforts, SolidX also developed a blockchain-based identity solution called Vida, designed for enterprise-grade security applications like file fingerprinting, authentication, and digital signatures.
Keywords: digital assets, institutional investment, Bitcoin ETF, blockchain technology, financial services, asset management, cryptocurrency insurance, total return swaps, capital markets, enterprise software