To expand its institutional business, crypto services provider Blockchain.com announced today that the company has acquired the trading and execution business of Altonomy, a Singapore-based company working in the digital asset ecosystem.
In addition, Blockchain.com highlighted the growing institutional interest in the crypto market. According to the company, the latest acquisition will significantly expand its crypto OTC network.
Founded in 2018 by some of the leading names in the blockchain space, Altonomy has witnessed immense demand for its services in the past few months. In 2021, the Singapore-based platform executed more than $16 billion in OTC volume, specializing in high-growth altcoins.
“Altonomy specializes in providing liquidity for altcoins with integrations to both centralized finance (CeFi) and decentralized finance (DeFi) liquidity venues and trading technology that provides excellent execution for clients. Together we count more than a thousand clients across funds, crypto projects and sophisticated investors. The deal also means that 26 members of the Altonomy team will join Blockchain.com, dramatically scaling our execution capabilities, time zone coverage and product coverage,” Daniel Bookstaber, the VP of Markets at Blockchain.com, said.
Amid the growing adoption of digital wallets and crypto trading around the world, Blockchain.com saw a surge in demand for its services. As a result, the company raised significant funds to accelerate its growth in multiple sectors within the crypto economy. In March 2021, Blockchain.com raised $300 million and received a valuation of $5.2 billion.
Tony Sun
Blockchain.com noted that Tony Sun has joined the company as the Co-Head of Institutional Trading. The crypto platform aims to use the broad experience of Sun for the expansion of its institutional business.
“We’ll also welcome Yaqing Bie, who runs engineering and built the OTC and execution platform, who will become Head of Execution Technology; Altonomy’s Head of Compliance, Benjamin Toh will become Head of Compliance for Singapore; and Institutional Sales Leader Ervin Lim will become Head of Asia Sales,” Bookstaber added.
