Altonomy, the leading trading desk and market maker for cryptocurrency assets, announced today it has closed on $7 million in seed financing led by Polychain Capital, the investment firm committed to supporting cryptocurrency and blockchain-themed projects, and 7 Blocks, the Singapore-based investment fund.
“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,” said Olaf Carlson-Wee, founder and CEO of Polychain Capital. “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 provides institution-grade trading and liquidity provision services for investors, exchanges and token projects across a variety of trading venues worldwide. It is a block liquidity provider for bitcoin futures products provided by CME Group, a top-tier 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’s sophisticated trading infrastructure connects to more than 60 cryptocurrency exchanges and OTC partners, which it uses to trade more than 250 cryptocurrencies with varying market caps.
"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.”
"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 centralized or decentralized exchanges,” said Ricky Li, co-founder and Head of Americas for Altonomy. "Backed by strategic capital and working closely 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.”
Parallel with trading crypto assets and providing liquidity, Altonomy recently expanded its services portfolio by launching AltMiner, a new cloud mining product tailored specifically to institutions seeking large mining exposure. By combining the newest generation of miners, low electricity costs and a secure hosting site, Altonomy provides direct access to the mining industry with a superior return profile.