Crypto market maker Altonomy secures $7M investment from Polychain Capital
Tue, 16 Jul 2019, 07:07 am UTC
Cryptocurrency trading desk and market maker Altonomy has secured $7 million in a seed round led by Polychain Capital, a San Francisco-based crypto-focused investment firm. It is also funded by Singapore’s 7 Blocks.
As per a press release, the company, which is a certified liquidity provider for CME Group and Huobi’s bitcoin future products, will utilize the proceeds to source liquidity for institutional clients including spot and derivatives exchanges.
Launched in 2018, Altonomy has partnered with more than 60 cryptocurrency exchanges, over-the-counter (OTC) desks, and stablecoins including USDC Tether (USDT), TrueUSD (TUSD), and Paxos Standards (PAX).
In addition, Ricky Li, Altonomy’s co-founder and CME Group’s former manager of research and product, said that the latest funding will help strengthen the firm’s institutional-grade trading services for investors and facilitate its international growth. Also, he noted that the company will focus on serving institutional investors of all sizes by offering liquidity that will cater to large orders.
“We are proud of our ability to source liquidity for customers, regardless of token type, order size, market cap, or whether the asset trades on centralized or decentralized exchanges,” Li said.
According to Forbes, Altonomy, which currently has a branch office in New York, plans to expand to Shenzhen, China, noting that the city still remains as a leading hub for bitcoin miners despite China’s ban on bitcoin exchanges.
Meanwhile, Polychain together with A16Z Crypto has pumped $25 million investment to crypto payment startup Celo last April. The company aims to remove the barriers of large-scale adoption of cryptocurrencies as means-of-payment.
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