Altonomy, the leading trading desk and market maker for cryptocurrency assets, announced it has closed on 7 million U.S. dollars in seed financing led by Polychain Capital. This development was on 15 July.
Altonomy introduced Polychain Capital as the investment firm committed to supporting cryptocurrency and blockchain-themed projects. Altonomy added that it provides institution-grade trading and liquidity provision services. Such services are for investors, exchanges and token projects across a variety of trading venues worldwide. The seed financing was also led by 7 Blocks, the Singapore-based investment fund.
Olaf Carlson-Wee, founder and CEO of Polychain Capital cited –
“As a long-time user of Altonomy’s trading services, it was an easy decision for us to invest in their business when the opportunity became available. 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. Combining this with exceptional management and a global footprint across the U.S. and Asia, Altonomy is well-positioned for further success.”
Altonomy further added that it was a liquidity provider for bitcoin futures products provided by CME Group. This group is a top-tier market-maker for Huobi and other derivatives exchanges, as well as a market maker for stablecoins. Such stablecoins include USD Coin, Tether, TrueUSD, and the Paxos Standard. Altonomy clarified that it’s trading infrastructure connects to more than 60 cryptocurrency exchanges and over-the-counter (OTC) partners.
Bo Dong, co-founder, and CEO of Altonomy commented that the firm was driven by the mission to facilitate institutional investors to adopt cryptocurrency assets. Bo opined that by rightly utilizing this new flow of capital and maintaining strategic partnerships, clients would extract value from this upcoming asset class. The typical market structure innovators include TrueDigital, Compound Finance, and Blockstream Liquid Network.
Recently, there were reports of Altonomy launching new cloud mining product for institutions. AltMiner is a novel cloud-based mining product suited to international institutions seeking long-term exposure to bitcoin. Altonomy conveyed that AltMiner combines the newest generation of mining technology with a secure hosting site, providing access to crypto assets and the underlying miner industry with an enhanced return profile.
Ricky Li, co-founder and Head of Americas for Altonomy summarized by stating on their prowess to source liquidity for customers regardless of order size, token type or market cap. There is no distinction even if the asset trades on centralized or decentralized exchanges. Ricky stated that they were backed by a smart capital and work closely with financial giants across the asset class.