Finery Markets, which helps institutions get involved with crypto markets, has collected $5.5m in its seed funding round.
This investment marks the company’s first external funding.
G1 Ventures, gumi Cryptos and Shima Capital co-led the investment round. Additional commitments came from Communitas Capital, DV Chain, GravityX, Unlimint, Daedalus Angels, oneAlpha, Floating Point Group and other unnamed industry leaders.
Konstantin Shulga – co-founder and CEO of Finery Markets – explained that Finery Markets is the first multilateral institutional marketplace in the crypto space. It hopes to establish best practices across trading, risk management and operational standards for crypto.
“We see our role as a foundational building block for maturing market infrastructure, which makes markets more efficient and sustainable.”
Founded in 2019, Finery Markets empowers over 70 companies working with digital assets internationally to get access to deep liquidity pools offered by leading global liquidity providers.
The platform’s pre-trade and post-trade functionality provides clients with price intelligence, full trade transparency, settlement flexibility, market & counterparty risk control and reporting tools.
Shulga said, “I believe in digital assets becoming a leading asset class globally. Market structure should meet evolving requirements.
“Our mission is to bridge the gaps in transparency and technological solutions by bringing institutional-grade pre-trade, trade and post-trade infrastructure to a broad range of market participants. We help them to automate operations throughout the whole trade life cycle and increase profitability of their businesses.”
This investment comes after a strong period of growth for Finery Markets. It has experienced a 12-times year-over-year revenue growth in 2021 and has continued to grow in 2022.
G1 Ventures managing partner Arseny Klekovkin said, “We have been tracking development of Finery shortly after its inception and can only commend the agility and evolution of the team, as well as impressive validation of institutionally focused and regulatory compliant business model.
“The team has placed P2P and marketplace philosophy at the core of Finery early on and currently it is becoming more than ever relevant for any corporate user of digital assets.”
In other digital asset news, the European Central Bank issued a blogpost earlier this week questioning whether the current market turmoil is Bitcoin’s last stand.
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