Crypto Market Maker Raised $50 Million From Former Citadel Executives

Crypto Market Maker Raised  Million From Former Citadel Executives


Two former executives of the leading investor in global financial markets, Citadel Securities, Leonard Lancia and Alex Casimo, have raised $50 million for their crypto market maker. The company also plans to invest in crypto assets across 3 web projects.

Previous leaders at Citadel Security launched their market maker in April 2021 and named it Portofino Technology. The platform aims to enable High Frequency Trading (HFT) and provide advanced features for users of Web3 digital assets and other institutions. It provides liquidity services to Crypto Web3 users and relies on highly efficient and fast algorithms to open and close trade smoothly.

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Furthermore, it provides strategic partnerships for web3 startups looking to list their tokens. The company already claims to have traded billions of funds on centralized and decentralized exchanges.

Among the venture capitalists who have backed the round of funding are Global Founders Capital, Valar Ventures and Coatue.

Lancia, co-founder and CEO of Portfolio Technology, added in the statement

Having worked at the forefront of modernizing traditional markets, we believe that our liquidity provision infrastructure can provide tremendous benefits to digital asset participants globally and drive the next phase of adoption. This is only the beginning for Portofino. At web3, every action is a transaction, and we are building the core technology that will enable entirely new services and industries in the future.

After enabling investors to access liquidity at very competitive rates, the company intends to expand its reach across the entire crypto space, including non-fungible tokens (NFTs), decentralized finance (DeFi), gaming-based tokens, etc.

BTCUSD
Bitcoin price is currently trading at less than $20,000. | Source: BTCUSD price chart from TradingView.com

Crypto Market Maker plans to expand globally

Switzerland-based startup Portfino Technology said in a press release that the platform employs 35 tech experts who work in Portfonio offices across New York, London and Singapore, and plans to increase its staffing by 50 in 2022. His assessment has not yet been expressed.

Portofino’s money is piling up amid a prolonged bloodbath and inflation that has wiped out billions of dollars from the cryptocurrency market. It also led to more selling pressure, and lawmakers added fuel to the fire with their aggressive approach to digital assets.

Likewise, this climate has led the market towards lower trading volumes and fewer arbitrage opportunities. It also led to an increase in borrowing costs. But, Portofino Technology can compete with the big market makers for leverage with the help of auto inventory management and unique algorithms.

Oliver Samuer, an investor in Global Founders Capital and CEO of Rocket Internet, commented on the launch of Portofino Technology and added:

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We are really excited about the potential of Portofino. It’s rare to find a founding team with great expertise to solve the problems that participants in today’s digital asset market face. We are convinced that this is the right team to help facilitate the next phase of institutional and retail engagement in this market.

Featured image from Pixabay and chart from TradingView.com



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