FORTUNE

Background:

Xclaim, a unique marketplace specializing in the trade of bankruptcy claims for failed crypto companies, made headlines by securing $7 million in a funding round led by Josh Jones, a notable venture capitalist and founder of an early Bitcoin exchange. This funding, combined with previous seed rounds, brought Xclaim's total raised capital to approximately $12 million.

The Situation:

The crypto industry witnessed a series of high-profile bankruptcies in 2022, involving companies such as Voyager, BlockFi, Celsius, and the infamous FTX. In response to the challenges faced by creditors in traditional recovery processes, Matthew Sedigh, the founder and CEO of Xclaim, recognized an opportunity to bring innovation to an otherwise overlooked sector.

PR & Market Impact:

Xclaim has successfully listed over $600 million in crypto claims, showcasing its significant influence in the crypto bankruptcy claims marketplace. Debtors have utilized the platform to sell stakes in crypto companies, with transactions reaching as high as $52 million. The platform's success has attracted attention, leading even the founders of a bankrupt crypto hedge fund to launch a competing marketplace called OPNX.

Xclaim campaign was featured on top tier business and finance publications, including Fortune, CoinDesk, Reuters, CoinTelegraph and The Wall Street Journal.