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Exchange software provider AlphaPoint has secured funding it says will finance the development of sophisticated trading features.

The New York-based firm said Thursday it successfully raised $5.6 million in an additional funding round, taking its total capital raised to date to $23.9 million.

Established in 2013, AlphaPoint provides trading software used by over 150 exchange clients around the world, according to the firm's figures. The company added support for security token offerings (STOs) a year ago and margin trading features in November.

The latest investment will go towards developing new trading features including improved margin trading and liquidity solutions and advanced brokerage capabilities. AlphaPoint co-founder and Chief Executive Igor Telyatnikov commented that with the additional funding the firm could "continue delivering on our mission to enable access to digital assets globally."

AlphaPoint raised $15 million in its first major funding round in June 2018, with assistance from crypto merchant bank Galaxy Digital. An AlphaPoint spokesperson confirmed to CoinDesk that Galaxy had participated in this latest round, but that other investors had opted to not disclose their identities.

In other news from the firm, the chief executive of financial advisory firm Janney Montgomery Scott, Tim Scheve, has joined AlphaPoint's board of governors. Scheve is also a member of the board of governors at the Financial Industry Regulatory Authority (FINRA), the body responsible for regulating U.S. brokerage firms.

UPDATE (Mar. 6, 15:05 UTC): This article has been updated with additional information about the investors who participated in the raise.


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