Wyden, an institutional infrastructure firm for digital asset trading lifecycle, has closed its latest funding round, securing $16.9m.
Spearheaded by Truffle Capital, a Paris-based global FinTech investment firm, this Series B round also saw contributions from new investors including PostFinance, SBI-Sygnum-Azimut Digital Asset Opportunity Fund, and FiveT Fintech, along with continued support from existing investor C3 Venture Capital.
Wyden specializes in providing comprehensive infrastructure solutions that support the entire trading lifecycle of digital assets for institutions. Its services are crucial for banks, brokers, and exchanges navigating the complexities of regulated digital asset markets.
The funds from this round will be strategically used to drive growth, with plans to target new markets and intensify Wyden’s sell-side expansion. This includes broadening its reach into key regulated markets such as the EU, Switzerland, Turkey, the UAE, Singapore, Hong Kong, Brazil, and other prominent jurisdictions.
In addition, Wyden plans to expand its team to 100 professionals by 2025, aiming to incorporate up to 20 additional banks, brokers, and exchanges into its ecosystem. This expansion is designed to enhance its sales, marketing, product, and delivery functions, as well as to bolster its development hubs in Poland.
Wyden’s client base includes notable names like Banque Delubac, Baader Bank, Luzerner Kantonalbank, and InCore Bank, which rely on Wyden for critical digital asset operations. The company is also in discussions with potential Tier 1 and Tier 2 banks and brokers about obtaining CASP licenses in various countries.
The launch of Wyden Infinity, a cloud-native flagship product, follows this funding. Wyden Infinity supports full automation of the digital asset trade lifecycle and is set to further drive product development and sales functions.
Andy Flury, founder and CEO of Wyden, commented, “We are thrilled to solidify our position as a global leader in institutional digital asset trading infrastructure with this Series B funding. Combined with our flagship product Wyden Infinity, we are well equipped to meet the surging demand for secure and efficient trading infrastructure for regulated financial services institutions.”
Alexis Le Portz, Partner at Truffle Capital, noted, “Wyden’s impressive institutional client base and innovative platform underscore its leadership in this space. As digital asset regulations evolve, Wyden stands out as the premier choice for banks and brokers, reflecting a strategic opportunity for Truffle Capital.” Denis Lenz, Investment Manager at PostFinance, praised Wyden’s platform for its ability to align with institutional client needs and anticipate their requirements in digital asset operations.
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