Industry NewsJune 16, 2018

Bitcoin Exchange Developer AlphaPoint Raises $15m From Mike Novogratz

Michael Novogratz, CEO and Founder of Galaxy Digital Capital Management
Michael Novogratz, CEO and Founder of Galaxy Digital Capital Management

AlphaPoint, a fintech company that develops white label exchange and asset digitization technology based on blockchain, has raised $15 million from Michael Novogratz, a former hedge fund manager at Fortress Investment Group, in a Series A funding round.

Novogratz’ venture capital firm, Galaxy Digital Ventures, is an investor in the blockchain and crypto space. The company’s Managing Director, Greg Wasserman, will join AlphaPoint’s Board of Directors.
Michael Novogratz, Chief Executive Officer and Founder of Galaxy Digital Venture, commented:
“We are in the early stages of a fundamental transformation in financial markets due to the digitization of assets. This transformation started with currencies but is now changing the way we look at commodities, real estate, art, and other traditional and emerging asset classes. We are excited to partner with AlphaPoint as we continue to help drive this revolutionary change in digital markets.”
Greg Wasserman, Managing Director at Galaxy Digital Venture and member of AlphaPoint’s Board of Directors, said:
Greg Wasserman, Managing Director at Galaxy Digital Venture and member of AlphaPoint’s Board of Directors
Greg Wasserman, Managing Director at Galaxy Digital Venture and member of AlphaPoint’s Board of Directors

“The market opportunity for digitizing illiquid assets is tremendous. Consumers are demanding increased access, transparency and trust. Businesses are seeking increased liquidity with reduced fraud, risk, and cost. Executing on this market opportunity requires proven best-in-class technology alongside seasoned management teams with substantial experience providing new technology to a variety of financial institutions. AlphaPoint brings this rare combination together and I look forward to working with them.”

AlphaPoint is already quite established in the cryptocurrency space, with its trading platforms and asset tokenization technology being on demand across the world in over 30 countries. The company’s client roster includes major institutions such as CME Group, The Royal Mint, London Block Exchange (LBX), Bitt, and Muirfield Investment Partners.
Founded in 2013, AlphaPoint’s secure and scalable blockchain infrastructure covers markets ranging from commodities, private company shares, and fiat currencies, to real estate, diamonds, cryptocurrencies, initial coin offerings, and securitized token offerings.
The funding will allow the team of industry veterans with senior experience across financial technology, exchange technology, and securitization, to further accelerate the business development that is already making AlphaPoint a leading company.  The team comes from a background in capital markets with combined experience from major institutions such as Bloomberg, Barclays, BlackRock, Deutsche Bank, Morgan Stanley,Nasdaq, NYSE, Susquehanna, and UBS.
Salil Donde, AlphaPoint Chief Executive Officer
Salil Donde, AlphaPoint Chief Executive Officer

Salil Donde, Chief Executive Officer of AlphaPoint, joined the company in late 2017 from Nasdaq, where he was Executive Vice President of Global Information Services. He added:

“We are delighted to have Galaxy Digital Ventures as a strategic investor who shares our vision to unlock the value of illiquid assets for a wider audience of investors and traders. This investment allows us to continue our focus on our customers’ success.”
AlphaPoint helps power secure exchanges and digital asset networks with a processing capacity of nearly one million transactions per second.
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