Crypto Guide

Ex-Citadel execs elevate $50M for high-frequency crypto buying and selling platform

Cryptocurrency startup Portofino Applied sciences has formally launched its high-frequency buying and selling platform for digital property, securing main funding from enterprise capital corporations within the course of.

In launching its platform, Portofino revealed that it had raised $50 million in fairness funding from Weller Ventures, International Founders Capital and Coteau. Though Portofino didn’t disclose how the funding can be used, the corporate has been proactive on the recruitment entrance, recruiting greater than 35 workers throughout 5 world areas.

Portofino was based in 2021 by former Citadel Securities workers Alex Casimo and Leonard Lancia. The corporate is constructing a crypto-focused high-frequency buying and selling expertise, which is primarily utilized by hedge funds. Whereas the corporate is just now popping out of stealth mode, it claims to be buying and selling billions of {dollars} in centralized and decentralized crypto exchanges.

Excessive frequency buying and selling, or HFT, refers to automated buying and selling platforms usually utilized by massive monetary establishments to execute massive batches of orders at extraordinarily excessive speeds. These platforms depend on complicated algorithms to investigate market developments and buying and selling alternatives that may be executed in seconds.

On the crypto entrance, HFT methods can now be executed on decentralized exchanges or DEXs. In contrast to centralized exchanges, DEXs supply very quick buying and selling speeds and new arbitrage alternatives. Portofino’s HFT expertise seeks to construct on these capabilities by rising entry to liquidity.

associated: Fastened rates of interest to create DeFi 2.0 for establishments, says former financial institution government

Hedge funds and different institutional buyers have proven eager curiosity in cryptocurrencies, however total adoption has been gradual as a result of plenty of components, together with rules and infrastructure. As Head of Crypto Funding Supervisor Apollo Capital informed Cointelegraph:

“No person needs to be the primary like this. As a result of for those who’re the primary individual and issues go mistaken, there is a profession danger. It would flip in the other way in some unspecified time in the future.”