Altonomy, a cryptocurrency trading desk, has closed a $7 million financing round from Polychain Capital. The company, founded by Bo Dong, is also funded by 7 Blocks.
“As a liquidity provider for altcoins, more funding will allow us to have more inventory, taking larger exposure and managing risk more effectively,” said co-founder Ricky Li. “We don’t need to put constraints on our clients at settlement. This enables us to serve more clients, better.”
“As a long-time user of Altonomy’s trading services, it was an easy decision for us to invest in their business when the opportunity became available,” said Polychain Capital founder Olaf Carlson-Wee.
“We are proud of our ability to source liquidity for customers, regardless of token type, order size, market cap, or whether the asset trades on centralized or decentralized exchanges,” added Li.
Li wasn’t alway so bullish on altcoins. In January 2019 he told entrepreneurs who raised via initial coin offerings to "to liquidate enough ETH so they would have at least two years of runway."
Now, however, the founder sees a rebirth.
In the last year Altonomy also launched AltMiner, a cloud service for bigger clients looking to dip a toe in the mining industry. Like its trading desk, Altonomy claims a “superior return profile” with the “newest generation of miners, low electricity costs and a secure hosting site.”
The cash infusion will help the company grow out these services in the next year.
Miner image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.