Repubublic Protocol, a company run by a 21-year od, has reiased $34m worth of ether to build a cryptocurrency dark pool, according to a Wall Street Journal report.
The platform will allow large investors to make anonymous trades, off exchanges, as to not impact prices in the broader market.
"If I have 1,000 bitcoin and I want to trade it for another cryptocurrency, everyone can see that and it puts downward pressure on the price," Republic Protocal chief executive Taiyang Zhang, 21, told the WSJ.
Bitcoin transactions are recorded on a public ledger, but the dark pool would "temporarily conceal" a trader's identity, the report says.
Lex Sokolin, a partner at Autonomous NEXT, told Business Insider the demand for a platform like this had grown with the crypto market.
"As the market cap of total crypto grows, there are more and more crypto whales that need to solve for large, private orders," Sokolin said in an email. "The largeness is an issue in getting good execution on shallow retail exchanges. The privacy is important so that people are not hacked, ransomed, or worse."