Crypto Market Maker Altonomy Raises $7M USD In Seed Financing Roundbr>
Altonomy, a trading desk and market maker for cryptocurrency assets, has raised $7 million in a seed financing round led by Polychain Capital and Singapore-based investment fund 7 Blocks.
Founded in 2018, Altonomy provides liquidity and institutional-grade over the counter (OTC) transaction services for crypto-to-fiat and crypto-to-crypto trades. The company is a block liquidity provider for bitcoin futures products provided by CME Group, a market maker for Huobi and other spot and derivatives exchanges, as well as a market maker for stablecoins, including USD Coin, Tether, TrueUSD and the Paxos Standard.
Altonomy will used the funding to source liquidity for institutional clients including spot and derivatives exchanges.
“Altonomy is driven by our mission to facilitate institutional investors’ adoption of cryptocurrency assets,” said Bo Dong, co-founder and CEO of Altonomy. “By harnessing this new influx of capital and maintaining strategic partnerships with market structure innovators like TrueDigital, Compound Finance and Blockstream Liquid Network, we will continue to help clients extract value from this maturing asset class.”
Olaf Carlson-Wee, founder and CEO of Polychain Capital, said that they decided to invest in Altonomy becuase it provides much needed intelligent trade execution as well as other institutional-grade financial services to the crypto market for a wide variety of verticals.
“Combining this with exceptional management and a global footprint across the US and Asia, Altonomy is well-positioned for further success,” Carlson-Wee said.
The investment came after Altonomy expanded its services portfolio by launching AltMiner, a new cloud mining product tailored specifically to institutions seeking large mining exposure. Altonomy claims that it provides direct access to the mining industry with a superior return profile by combining the newest generation of miners, low electricity costs and a secure hosting site.