- Altonomy — a leading trading desk and market maker for cryptocurrency assets — announced it raised $7 million in seed funding
Altonomy — the leading trading desk and market maker for cryptocurrency assets — announced it closed $7 million in seed financing led by Polychain Capital. Polychain is an investment that is committed to supporting cryptocurrency and blockchain-themed projects and Singapore-based investment fund 7 Blocks.
“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.”
Altonomy offers institution-grade trading and liquidity provision services for investors, exchanges, and token projects across a variety of trading venues worldwide. And it is a block liquidity provider for bitcoin futures products provided by CME Group — which is 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. And Altonomy’s sophisticated trading infrastructure connects over 60 cryptocurrency exchanges and OTC partners, which it uses for trading more than 250 cryptocurrencies with varying market caps.
“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,” added You(Ricky) Li, Ph.D, CFA — 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.”
Along with trading crypto assets and providing liquidity, Altonomy recently expanded its services portfolio by launching AltMiner. AltMiner is 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.
“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,” added 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’s founders launched the company in 2018. And their background includes decades of experience working across major financial institutions such as Goldman Sachs, Citibank, Morgan Stanley, PWC, CME Group and Credit Suisse.
