Portofino raises $50 million in funding

Portofino raises $50 million in funding

Cryptocurrency startup Portofino Technologies has officially launched its digital asset trading platform, raising large amounts of funds from venture capital firms in the process.

Portofino announced that it has raised $50 million in equity funds from Valar Ventures, Global Founders Capital and Coatue when launching its platform. Although Portofino did not disclose how the fund will be used, the company has launched into the employment space by hiring more than 35 employees at five global locations.

Portofino was founded in 2021 by former Citadel Securities employees Alex Casimo and Leonard Lancia. The company is building crypto-focused high-frequency trading technology that is predominantly used by hedge funds. Although the company has now officially launched the platform, it claims to have traded billions of dollars on decentralized and decentralized crypto exchanges.

High-frequency trading (HFT) refers to automated trading platforms that are typically used by large financial institutions to execute large orders at extremely high speeds. These platforms rely on sophisticated algorithms to analyze market trends and trading opportunities that can be executed within seconds.

In the crypto space, HFT strategies can now be executed on decentralized exchanges (DEX). Unlike centralized exchanges, DEXs offer much faster transaction speeds and new arbitrage opportunities. Portofino’s HFT technology seeks to expand the scope of these features by increasing access to liquidity.

You may be interested in: Infinity Exchange completes its seed round

Hedge funds and other institutional investors have shown a strong interest in cryptocurrencies, but overall adoption has been slow due to a variety of factors, including regulation and lack of infrastructure. Crypto investment manager Apollo Capital also used the following statements in his statement to Cointelegraph:

“No one wants to be the first to step into something like this. Because if you’re the first and things go wrong, then you risk losing your career. This situation will reverse at some point.”

Soruce : https://tr.cointelegraph.com/news/ex-citadel-execs-raise-50m-for-high-frequency-crypto-trading-platform

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