ROOT — the company behind ROOT Exchange, an online marketplace where Internet-generated mortgage leads are traded like commodities — has landed $1 million in backing from the Chicago Board of Trade.
Chicago Board of Trade Chief Executive Officer Bernard W. Dan said he will also serve on ROOT’s board of directors.
Dan said the Chicago Board of Trade was the first exchange to begin trading interest-rate futures contracts more than 30 years ago. The board’s partnership with ROOT, “represents an opportunity to be at the forefront of Internet lead futures trading, and we look forward to working with ROOT as this industry continues to evolve,” Dan said in a press release.
Founded by Lewis Ranieri and entrepreneur Seth Goldstein, New York-based ROOT says that while the ROOT Exchange currently serves as an exchange for Internet-generated mortgage leads, the platform can be adapted to any vertical industry such as automobile and insurance leads.