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HomeCrypto NewsEx-Citadel execs increase $50M for high-frequency crypto buying and selling platform

Ex-Citadel execs increase $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 companies within the course of. 

In launching its platform, Portofino disclosed that it had raised $50 million in fairness funding from Valar Ventures, International Founders Capital and Coatue. Though Portofino didn’t disclose how the funding will likely be used, the corporate has been energetic on the hiring entrance, having recruited over 35 workers throughout 5 world places.

Portofino was based in 2021 by former Citadel Securities workers Alex Casimo and Leonard Lancia. The corporate is constructing crypto-focused high-frequency buying and selling expertise, which is especially used by hedge funds. While the company is only now coming out of stealth mode, it claims to have traded billions of dollars across centralized and decentralized crypto exchanges.

High-frequency trading, or HFT, refers to automated trading platforms that are typically used by large financial institutions to execute massive batches of orders at extraordinarily excessive speeds. These platforms depend on complicated algorithms to research market traits 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. Not like centralized exchanges, DEXs offer much faster trading speeds and new arbitrage alternatives. Portofino’s HFT expertise is trying to construct on these capabilities by rising entry to liquidity.

Associated: Fixed interest rates to create a DeFi 2.0 for institutions, says former bank exec

Hedge funds and different institutional buyers have proven a eager curiosity in cryptocurrencies, however general adoption has been sluggish as a consequence of a number of components, together with rules and a scarcity of infrastructure. Because the head of crypto investment manager Apollo Capital advised Cointelegraph:

“Nobody desires to be the primary into one thing like this. As a result of for those who’re the primary one and issues go unsuitable, then there’s a profession danger. That may flip in some unspecified time in the future to the alternative.”

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