A cryptocurrency trading desk founded by Ricky Li, Altonomy, closes a a $7 million financing round from Polychain Capital. The company is also funded by 7 Blocks.
Co-founder Li stated:
“As a liquidity provider for altcoins, more funding will allow us to have more inventory, taking larger exposure and managing risk more effectively. We don’t need to put constraints on our clients at settlement. This enables us to serve more clients better.”
The Polychain Capital founder Olaf Carlson-Wee added:
“As a long-time user of Altonomy’s trading services, it was an easy decision for us to invest in their business when the opportunity became available,” said “We are proud of our ability to source liquidity for customers, regardless of token type, order size, market cap, or whether the asset trades on centralized or decentralized exchanges.”
Li wasn’t always in support of altcoin, in January 2019 he told investors to ”to liquidate enough ETH so they would have at least two years of runway.” However, it seems the founder has turned leaf. Altonomy also launched AltMiner last year, it is a cloud service for bigger clients looking to dip a toe in the mining industry.
Altonomy claims a “superior return profile” with the “newest generation of miners, low electricity costs and a secure hosting site.” The cash infusion will help the company grow out these services in the next year.
Image source – Pixabay.com