Polychain Invests $7 Million in Crypto Market Maker, Altonomy

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

Altonomy

Polychain Invests In Crypto Market Maker, Altonomy

July 18, 2019

AltonomyAltonomy, a market maker for cryptocurrency assets, has raised $7 million in seed financing led by Polychain Capital Singapore-based investment fund 7 Blocks.

Bo Dong, co-founder and CEO of Altonomy, said:

“Altonomy is driven by our mission to facilitate institutional investors’ adoption of cryptocurrency assets. 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.”

The firm’s institution-grade trading and liquidity provision services connect to more than 60 cryptocurrency exchanges and OTC partners, which it uses to trade more than 250 cryptocurrencies with varying market caps.

Altonomy serves investors, exchanges and token projects across a variety of trading venues worldwide while being 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. The firm has recently launched AltMiner, a new cloud mining product tailored specifically to institutions seeking large mining exposure, to provide direct access to the mining industry.

Ricky Li, co-founder and Head of Americas for Altonomy, added:

“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. 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.”

Olaf Carlson-Wee, founder and CEO of Polychain Capital, commented:

“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. 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.”

Polychain is a founding member of the Blockchain Association, next to other top names within the ecosystem, including Coinbase, Circle, and Digital Currency Group. Together with a consortium of high-profile technology companies, market makers and crypto investors, Polychain backed CoinFLEX, a physically-settled futures exchange. The operator is preparing to offer futures and spot contracts for each of bitcoin (BTC), bitcoin cash (BCH), and ether (ETH) with as much as 20x
leverage.

Polychain’s recent activity includes leading the Series A funding round in MyCrypto, an open-source interface that simplifies the process of storing, sending, and receiving digital assets, which has raised $4 million in order to build the first mass consumer-friendly gateway for cryptocurrency users.

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