The money will be used for the development and roll-out of its Software-as-a-Service (SaaS) based voice communications platform. The digital platform is used for workflow integration, surveillance, and compliance.
According to Cloud9, its platform provides a cloud-based replacement to traditional trading ‘turrets’; immediate access to a growing pool of liquidity; full interoperability with third-party systems; and real-time provision of high-fidelity audio, trading metadata and transcription.
In addition to its investment, Barclays will work with Cloud9 on promoting the platform.
This follows JP Morgan’s earlier decision to onboard more than 2,000 internal traders and salespeople to Cloud9 as its primary tool for voice communication between the bank and its clients.
Cloud9 was founded in 2014. In 2016, it received a USD 30 million capital investment from various companies, including JP Morgan, Barclays, NEX Group and Point72 Ventures.
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