Altonomy closes $7m seed financing round
Altonomy, a liquidity provider for crypto assets, has closed a $7 million seed financing round led by Polychain Capital and 7 Blocks, reports Jane Connolly.
Polychain Capital, an investment firm that backs cryptocurrency and blockchain projects, has been a long-time user of Altonomy’s services, which include institution-grade trading and liquidity provision for investors, exchanges and token projects worldwide.
Connecting more than 60 cryptocurrency exchanges and OTC partners, Altonomy enables the trade of over 250 cryptocurrencies with varying market caps.
“Altonomy provides much-needed intelligent trade execution, as well as other institutional-grade financial services to the crypto market for a wide variety of verticals,” says Polychain Capital CEO and founder, Olaf Carlson-Wee. “Combining this with exceptional management and a global footprint across the US and Asia, Altonomy is well-positioned for further success.”
The company is a block liquidity provider for CME Group’s bitcoin futures products, a top-tier market maker for Huobi and other spot and derivatives exchanges and a market maker for stable coins including USD Coin, Tether, TrueUSD and the Paxos Standard.
“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 centralised or decentralised exchanges,” says Ricky Li, co-founder and head of Americas for Altonomy. “Backed by strategic capital and working closer with other luminaries across the asset class, like Polychain, we are the ideal partner to help investors navigate these primary and secondary markets, so they can harvest returns that are uncorrelated with the broader financial markets.”
Altomony recently launched AltMiner, a new cloud mining product tailored for institutions looking for large mining exposure.