Floating Point Group Raises $10M in Series A Funding Round
The MIT spin-out is creating trading services for institutional crypto market participants.
Floating Point Group (FPG) closed a Series A funding round on Wednesday, securing $10 million in capital to expand its growing operations. The Hoboken, N.J.-based startup, which was founded at the Massachusetts Institute of Technology, offers custody and algorithmic trading services to institutional investors, including hedge funds, asset managers and brokers.
- Floating Point Group says it plans to use the capital to hire several U.S.-based software engineers to meet “surging investor demand” and to expand into new markets.
- The Series A round included Tribe Capital, Coinbase Ventures, FAST by GettyLab, Borderless Capital, CapitalX and Formulate Ventures. Other funds came from the personal capital of SkyBridge Capital’s Anthony Scaramucci and executives from GoldenTree Asset Management, HC Tech and Pythagorus Investments.
- “With this funding comes a host of brilliant, dedicated partners helping us pave the way forward for trading, custodying and ultimately using digital assets,” Floating Point Group co-founder and CEO John Peurifoy said in a statement
- “Digital assets are at the forefront of financial innovation with promise to revolutionize money for small businesses and financial institutions alike,” Scaramucci, a financier and former aide to former President Donald Trump, said. “Floating Point Group is building transformative technology to deliver that promise.”
- Floating Point Group’s new platform provides institutional clients with direct market access to both centralized and decentralized cryptocurrency exchanges and over-the-counter desks. The company’s products have been used by dozens of hedge funds, asset managers and brokers to trade billions of dollars in cryptocurrencies.
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