- Floating Point Group, an MIT spinout that grants investors direct market access to centralized and decentralized cryptocurrency exchanges, announced it raised $10 million in funding.
Floating Point Group — a company that drastically simplifies the backend operations for investors to deploy cryptocurrency-centric strategies at a meaningful scale — announced recently that it has raised $10 million in Series A funding. There was participation from Tribe Capital, Coinbase Ventures, Anthony Scaramucci, F A S T by Gettlylab, Borderless Capital, CapitalX, Formulate Ventures, and executives from GoldenTree Asset Management, HC Tech, and Pythagoras Investments.
Floating Point Group’s new platform grants hedge funds, asset managers, and other investors direct market access to centralized and decentralized cryptocurrency exchanges and OTC desks. And users of the platform can secure assets through a Multi-Party Computation-based (MPC) wallet system without compromising on the security of their funds. And with the new funding round, the company is aggressively growing its existing U.S.-based software engineering staff to meet surging investor demand and expanding to new markets.
Floating Point Group’s first product — an order and execution management system (OEMS) that is now integrated with the company’s new custody and settlement platform — has been used by dozens of institutional clients to trade billions of dollars of cryptocurrencies in 2021.
KEY QUOTES:
“2021 has helped the entire industry cross a threshold. The question is no longer if- but when. When will the infrastructure be ready for cryptocurrency adoption to happen at scale with efficiency, security, and reliability? I could not be more proud of the exceptional work of our team this year. With this funding comes a host of brilliant, dedicated partners helping us pave the way forward for trading, custodying, and ultimately using digital assets”
— Floating Point Group Cofounder and CEO John Peurifoy
“Digital assets are at the forefront of financial innovation with promise to revolutionize money for small businesses and financial institutions alike. Floating Point Group is building transformative technology to deliver that promise by helping businesses access the cryptocurrency markets.”
— Anthony Scaramucci, an investor in Floating Point Group
