Altonomy Crypto Market Maker Secures $7 Million From Seed Round Led By Polychain Capital
Polychain Capital, a prominent venture capital company focused on the crypto market, has recently led the seed round of Altonomy, a crypto market maker based in Singapore. During the round, Altonomy was able to raise $7 million USD.
The money, as reported by the media, will be used in order to improve the trading services which are currently being offered by the company. Another goal is to use the money to expand the international presence of the company in order to get more businesses interested.
The company already has its headquarters in Singapore, however, it has also decided to open a new branch in New York, too, and another one in Shenzhen is set to be opened as well.
Ricky Li, the co-founder of the company, affirmed that Altonomy works with institutional investors from several types and that they all need liquidity in order to make any kind of transaction. With the increase in the price of cryptos, many players are back on the market and this is the time to provide to clients what they need the most.
Because of this, the company is creating several offerings to its institutional investors and focusing on them as a way to move forward. Li affirmed that the company has started to see some funds and offices that went out of the market coming back again and that this is the time to cater to these investors.
Li also commented that many institutions were starting to buy BTC for the first time now, so it was a very interesting time for the company as many potential investors were either coming back or showing up at the market for the very first time.
Altonomy was originally created back in 2018 when the bear market was still not at its peak. The company suffered some harders times as the crypto winter was raging on, but it was able to survive well enough in order to be able to participate in the new golden age of crypto, which is about to start.
At the moment, the company has already worked together with around 60 crypto companies which include some exchanges, over the counter (OTC) desks and companies such as Tether and USDC, which are stablecoin providers.
Li took some time to comment about the Bitcoin futures market, too. According to him, this is a very competitive market but CME is the clear leader. Other companies, such as Bakkt, ErisX, and TrueDigital all have a great infrastructure, but they are competing mostly against themselves for the second place as CME is the obvious winner.
Altonomy is also contributing to companies such as Bitmex, Huobi, and OKex, all of which are attracting several investors interested in the most speculative aspects of crypto trading. These companies have all started partnerships with Altonomy in order to roll out market maker programs and attract more liquidity.