Home / Cryptocurrency / Market Maker Altonomy Raises $7M in Funding Round Led by Polychain Capital

Market Maker Altonomy Raises $7M in Funding Round Led by Polychain Capital

Cryptocurrency asset control company Altonomy has raised $7 million in a seed spherical from virtual property funding corporate Polychain Capital, in keeping with a press free up on July 15.

Singapore-based marketplace maker Altonomy is making plans to allocate the raised budget to supply liquidity for institutional shoppers like spot and derivatives exchanges.

Altonomy supplies liquidity for Bitcoin (BTC) futures tasks from CME Workforce and works with stablecoins USDC, Tether (USDT), TrueUSD (TUSD) and Paxos Requirements (PAX).

The corporate will ostensibly attach over 60 cryptocurrency exchanges and over the counter desks around the globe following a contemporary building up of establishments within the cryptocurrency marketplace.

Even supposing giant business avid gamers like Goldman Sachs and Constancy would possibly constitute substantial pageant to this kind of corporate like Altonomy, there may be nonetheless area for it, in keeping with Altonomy’s co-founder Ricky Li. Li additionally mentioned:

“They [companies like Goldman Sachs and Fidelity] are most commonly in Bitcoins, however maximum of our quantity is going to different cash. Those are the tokens that if truth be told want a deep figuring out of the cryptocurrency and blockchain generation, in addition to a community of the particular crypto avid gamers. We’re attracting other shoppers.”

Not too long ago, American blockchain company Close to raised over $12 million in its Sequence A spherical from a variety of high-profile buyers, together with Coinbase Ventures and Pantera. Close to is reportedly making plans to make use of the budget “to recruit extra builders, to boost up the improvement of extra tooling and to release the Close to Protocol mainnet.”

As American project platform Outlier Ventures reported previous in July, blockchain startups have raised $822 million in 279 separate project capital offers in H1 2019. Crypto exchanges have persisted to draw funding within the first part of 2019 in spite of higher regulatory task, in which South Korean change Bithumb has on my own raised $200 million within the aforementioned duration.

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