Republic Protocol, a Singapore-based company run by a 21-year-old, allows big crypto investors to trade in the shadows, according to a Wall Street Journal report.
The company has raised $33.8 million worth of Ether (TIKER: ETH/USD.BITFINEX) to finance the creation of a dark pool for crypto trading, which enables large investors to make anonymous trades, off exchanges, as to not impact prices in the broader market.
"If I have 1,000 Bitcoin (TIKER: BTC.EXANTE) and I want to trade it for another cryptocurrency, everyone can see that and it puts downward pressure on the price," chief executive Taiyang Zhang, 21, said.
Bitcoin transactions are recorded on a public ledger, but the dark pool will "temporarily conceal" a trader's identity.
The firm expects to capture up to $9 billion worth of monthly trading volumes.