An MIT startup focused on providing institutions better access to crypto trading technologies, recently secured millions in funding.
Floating Point Group, or FPG, a startup delivering institutional crypto traders automation technologies, garnered $2 million of capital from several entities.
“It’s becoming clear that sophisticated quantitative traders and platform developers are viewing the cryptocurrency markets as an exciting new opportunity,” FPG CEO John Peurifoy explained in a May 28 statement.
The funding goes toward expansion
Algorand CEO Steve Kokinos, Seabury Global Markets, AngelList founder Naval Ravikant, and multiple others invested the money into FPG, receiving company stake in return, the statement said.
An outfit operating under U.S. governing bodies, FPG plans on putting the funding toward regulation approvals, as well as the hiring of engineers.
FPG caters to tech-based traders
Originally stemming from the Massachusetts Institute of Technology, or MIT, FPG offers traders a one-stop shop hub for automating their trades, giving them the technology aspects they desire, in line with U.S. laws. FPG works with APIs, letting traders connect to different exchanges and platforms for trading and liquidity, the statement noted.
“As this market matures, we’ll continue to add critical pieces of the prime brokerage stack through innovations and strategic partnerships with other high quality groups to deliver a holistic experience that meets the technical requirements of algorithmic traders or other groups building trading applications.”
The startup has already facilitated over $100 million in trade volume since its inception, the statement added.
Peurifoy’s comment is only the latest indicator of growing crypto trading and investing interest. Data analytics company Digital Assets Data CEO Mike Alfred recently told Cointelegraph of 20 formerly uninvolved people contacting him with interest in the industry.
Cointelegraph is in the midst of correspondence with FPG on further details. Additions or follow-ups will come as necessary, pending responses.