Two former executives of the world’s leading investor in financial markets, Citadel Securities, Leonard Lancia and Alex Casimo, have raised $50 million for their own crypto market maker. The company also plans to invest in crypto assets through Web 3 projects.
The former leaders of Citadel Security initially launched their own market maker in April 2021 and called it Portofino Technology. The platform aims to enable high frequency trading (HFT) and provide advanced features to web 3 digital asset users and other institutions. It provides liquidity services to web 3 crypto users and relies on fast and highly efficient algorithms to open and close a trade smoothly.
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It also offers strategic partnerships to web 3 startups looking to list their listings. The company already claims to have traded billions of funds on centralized and decentralized exchanges.
Venture capitalists that supported the funding round include Global Founders Capital, Valar Ventures and Coatue.
Lancia, the co-founder and CEO of Portfolio Technology, added in the statement;
Having worked at the forefront of modernizing traditional markets, we believe our liquidity provision infrastructure can deliver enormous benefits to digital asset participants globally and drive the next stage of adoption. This is just the beginning of Portofino. At web3, every action is a transaction, and we’re building the underlying technology that will enable entirely new services and industries in the future.
After enabling investors to access liquidity at very competitive prices, the company intends to expand its reach across the crypto space, including non-fungible tokens (NFTs), decentralized finance (DeFi), digital tokens ‘ecosystem based on games, etc.
Crypto Market Maker plans to expand globally
Switzerland-based startup Portfino Technology detailed in the press release that the platform employs 35 technology experts working in Portfonio’s offices in New York, London and Singapore, and plans to further increase its staff in 50 in 2022. The company has not yet expressed its valuation.
Portofino’s funds accumulate amid long-running bloodbaths and inflation that wiped billions of dollars from the crypto market. It further fueled selling pressure, and lawmakers added fuel to the fire with their aggressive approach to digital assets.
Likewise, this climate led the market to lower trading volumes and fewer arbitrage opportunities. And it also increased borrowing costs. But, Portofino Technology could compete with the big market manufacturers with the help of its unique algorithms and car inventory management.
Oliver Samwer, Global Founders Capital investor and CEO of Rocket Internet, commented on the launch of Portofino Technology and added;
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We are very excited about the potential of Portofino. It’s rare to find a founding team with such great experience in solving the problems facing digital asset market participants today. We are convinced that this is the right team to help facilitate the next stage of institutional and retail participation in this market.
Featured image from Pixabay and chart from TradingView.com