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DEAL NOTE: Crowell & Moring Advises X-Margin in $8 Million Series A Financing

Firm News | 1 min read | 09.13.21

San Francisco - September 13, 2021: Crowell & Moring advised X-Margin, a pioneer in applying privacy-preserving technology to credit and financial market risk, in its $8 million Series A funding round. X-Margin enables lenders of all sizes to operate a scalable, data-driven lending business. X-Margin's risk engine currently monitors $2 billion of trading portfolio assets. X-Margin Credit connects institutional lenders and borrowers, and addresses a key issue holding back the growth of credit in the crypto space. Currently, lenders have little visibility over a borrower’s trading risk and often no control over the assets purchased with the credit extended. Borrowers can establish their creditworthiness without revealing sensitive portfolio information through X-Margin’s privacy preserving technology and cryptographic proofs.

Coinbase Ventures, HashKey Capital and Spartan Group were major investors, while Bixin Ventures, Miranda Ventures (Bybit), Gemini Frontier Fund, Primitive Ventures, and Kenetic Capital also participated in the funding round. Existing investors that followed-on include Alameda Research Ventures, CMT Digital, CoinShares, DCG, GSR, and Polychain.

X-Margin also received backing by some of the most active trading institutions and users of X-Margin Credit, including CMS Holdings, Wintermute, MGNR, Dunamis Trading, Pirata Capital, and Kronos Research. Crowell & Moring’s deal team included San Francisco partner Jon O'Connell, D.C. partner Richard Holbrook, San Francisco counsel Matt Pelnar, and paralegal Nathaniel Gagnon.

More information about the deal can be found here.

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Firm News | 1 min read | 03.11.25

Crowell & Moring Represents Nuclear Energy Startup Atomic Alchemy in its Acquisition by Oklo

March 11, 2025: Oklo Inc. (NYSE: OKLO), an advanced nuclear technology company, announced on March 5, 2025 that it has closed the $25 million acquisition of Crowell client Atomic Alchemy Inc. (“Atomic Alchemy”), a leading innovator in radioisotope production. Oklo intends to use this strategic acquisition to establish a more reliable domestic supply chain for high-value radioisotopes critical to healthcare, research, and defense sectors and provides synergies to Oklo’s fuel recycling and nuclear energy businesses. Demand for radioisotopes is expected to increase significantly over the next decade, while global supply struggles to keep pace due to aging reactor infrastructure and a fragmented global supply chain, which at present is dominated by countries outside the United States. Atomic Alchemy intends to be a low-cost U.S. radioisotope producer that can provide a secure and domestic supply of radioisotopes to U.S. companies commercializing innovative radioisotope applications. With its proprietary VIPR® technology, Atomic Alchemy is building the first scalable production facility to provide a reliable, sustainable source of high-value radioisotopes. Using a vertically integrated model and fuel recycling, in partnership with Oklo, Atomic Alchemy is transforming isotope production to address global shortages, support critical applications, and strengthen national security. The core deal team included Samuel Holland Edwards, Jon O’Connell, Justin Lurie, and Ryan Flynn....

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