The digital asset trading technology firm, AlgoTrader recently announced that the company has raised $4.5 million in a Pre-Series B funding round to accelerate the global expansion of its trading platform.
The funding round, which was co-led by Credit Suisse Entrepreneur Capital and C3 EOS VC Fund, witnessed participation from SBI Investment and Fenbushi Capital, Asia’s leading venture capital firms. In total, AlgoTrader has raised more than $11 million to date.
According to the technology company, 2021 remained a record year for its expansion. Amid the latest growth of crypto funds and the entrance of leading banks in the digital asset ecosystem, AlgoTrader is expecting a surge in demand for its products.
"As we pursue our strategic focus on institutional digital asset trading, gaining support from leaders in the industry is invaluable. This round of investment goes beyond dollars as we are able to draw on the expertise, infrastructure and networks of our new investors to accelerate our growth and work towards the upcoming Series B funding,” Andy Flury, the CEO of AlgoTrader, stated in the press release.
Blockchain and Crypto
SBI Investment and Fenbushi Capital highlighted the rising popularity of blockchain technology and crypto trading platforms. According to the venture capital giants, blockchain and crypto have the potential to transform the global financial services industry.
"SBI strongly believes in the potential of blockchain technology and the crypto economy, especially for financial institutions. AlgoTrader's focus on sell-side digital asset trading solutions is a perfect fit with our investment strategy and is well supported by its impressive track record and client acquisition,” the Representative Director, President & Chairman of SBI Investment, Yoshitaka Kitao, commented.
“We are excited to support AlgoTrader's vision and to help them onboard the next wave of institutional traders into the digital asset ecosystem,” Fenbushi Capital’s Partner, Rin Huang, said.
