Crypto exchange market maker Altonomy fetches $7 million funding
Singapore-based cryptocurrency asset management company, Altonomy, has been successful
in raking in $7 million from a seed round conducted by Polychain Capital, a digital assets
investment company. This information was disclosed in a press release by Altonomy issued
on July 15. According to reports, Altonomy is expected to use the funds for providing
liquidity to institutional customers such as derivatives exchanges and spot exchanges.
Future Plans with the investment
According to the co-founder of Altonomy, Ricky Li, the company’s focus is directed towards
institutional investors who need liquidity through exchange-based transactions or OTC. He
also added further that Altonomy supports institutional investors with different sizes and a
large assortment of crypto assets characterized by multiple market cap sizes.
As per the founder and CEO of Polychain Capital, Olaf Carlson-Wee, “We have been a long-
time user of the trading services of Altonomy and this investment was an easy decision for
us. We saw this as an opportunity to invest in their business”. He also added that Altonomy
provides various institutional-grade financial services as well as intelligent trade execution
services in the crypto market tailored to diverse verticals. Most important of all, he
commended the global footprint of Altonomy in Asia and the US as well as its exceptional
management as the tools for its long term success.
Altonomy is a provider of liquidity provision and institution-grade trading services for
exchanges, token projects, and investors at different types of trading venues all over the
world. It acts as a market maker for different stablecoins such as TrueUSD, USD Coin, the
Paxos Standard, and Tether. Also, it provides block liquidity services for bitcoin futures
products by CME Group, which is another renowned market maker for Huobi as well as other
spot and derivatives exchanges.
Building success on the tenets of partnership
After being launched in 2018, Altonomy has been associated with over 60 crypto exchanges
as well as over the counter (OTC) partners. In the last 17 months, the crypto market has
witnessed substantial improvement in the influx of capital from institutional investors largely
concentrated in the US market. Ricky Li also stated that Altonomy has been a part of this
trend and has witnessed a rise in several institutional investors venturing into the crypto
market. The preferred approach followed by investors was the purchase of bitcoin through
highly regulated investment channels and products.
The $7 million funding is good news along with the fact that one of the largest futures
markets in the world, CME Group, has witnessed considerably higher than normal daily
volumes of bitcoin futures contracts in last few months. Recently, the bitcoin futures of CME
group reached an all-time high in the daily volumes at over $1 billion, thereby indicating a
rise in demand from institutional as well as retail investors.
Ricky Li also stated that many large exchanges such as Huobi, BitMEX, and OKEx are
making the crypto exchange market stronger by attracting additional retail investors in the
past few months. He added that these players in the crypto exchange market had introduced
market maker programs for promoting institutional liquidity. Altonomy could easily
capitalize on this opportunity to contribute effectively to market maker programs.