System 9, a digital asset market-making firm focused on alt-coins, has raised $5.7m from a Series A funding round.
Investors in the round included Capital6 Eagle, Kronos Asset Management, C2 Ventures, Ascendex Ventures, Gate Ventures and a range of other blockchain investors.
Founded in 2017, System 9 claims it is market-maker for the crypto altcoin market and stated that it ‘has built an impressive team’ and is ‘deeply immersed’ in the crypto ecosystem.
The firm works with token issuers to build liquidity in their tokens adding stability and price discovery that may have not existed prior to market maker engagement.
The newly raised capital of System 9 will be used to further scale its technology infrastructure and business operations supporting its market-making, as well as to expand its service offerings.
Earlier this year, the European Supervisory Authorities sent out a warning to consumers that many crypto assets are ‘highly risky and speculative’.
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