Floating Point Group collects $2m for its seed round

Floating Point Group (FPG), which designs algorithmic systems for cryptocurrency trading, has collected $2m in its seed round.

The investment round was backed by AngelList & MetaStable Capital founder Naval Ravikant, pif.vc, Algorand’s CEO Steve Kokinos, BoxOne Ventures, Seabury Global Markets and several asset management executives.

With the close of the round, the company is looking to expand it engineering staff and plans to acquire a regulatory license in the US to increase its market reach.

The FPG API offers real-time and historical market data across liquid exchange and non-exchange venues. It also supports the execution of trades directly on those markets with the FPG smart order router to source liquidity, and the ability to trade on credit when funds are held with qualified custodians.

The FinTech has executed millions of dollars’ worth of trades and supplies more than 20 organisations with its data.

FPG CEO John Peurifoy said, “It’s becoming clear that sophisticated quantitative traders and platform developers are viewing the cryptocurrency markets as an exciting new opportunity.

“As this market matures, we’ll continue to add critical pieces of the prime brokerage stack through innovations and strategic partnerships with other high quality groups to deliver a holistic experience that meets the technical requirements of algorithmic traders or other groups building trading applications.”

Last year, BoxOne contributed to the $2.6m seed round of Wallit. The company offers teenagers a rewards-savings app which enables users in the US to send and receive money instantly, shop online, and earn rewards when hitting savings goals.

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