Polychain Leads $7 Million Round in Crypto Trading Desk Altonomy

Altonomy, a trading desk and cloud mining company, has raised $7 million in equity investment.

AccessTimeIconJul 15, 2019 at 10:00 p.m. UTC
Updated Sep 13, 2021 at 11:11 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.