CoinRoutes, an algorithmic trading platform for cryptocurrency assets, has become the latest firm in the digital asset ecosystem to raise funds for its expansion. The company has received $16 million in its Series B investment round led by Ayon Capital.
Founded in 2017, CoinRoutes provides technology-driven solutions to institutional crypto participants. Through the recent funding, CoinRoutes is planning to facilitate its clients with efficient services. According to Dave Weisberger, the CEO and Co-Founder of CoinRoutes, the company is focused on helping its customers achieve the best execution.
"Our clients make more money trading, net of fees, by using CoinRoutes. Our algorithms were built from the ground up for crypto's unique market structure, leverage terabytes of market data collected daily, and have evolved based on five years of deep learning," Weisberger commented.
Following the latest funding round, the CIO for Ayon Capital, Rahul Pagidipati will join the Board of CoinRoutes. In addition to Ayon Capital, the funding round saw participation from Susquehanna International, Cboe Global Markets, Celsius, CMT Digital, Genesis Global Trading, Galaxy Digital, Arca, Mirana Ventures (venture partner of Bybit and BitDAO), GSR Markets, AscendEX and other prominent investors.
Institutional Crypto Ecosystem
Institutions have entered the crypto market in large numbers during the past 24 months. The emerging asset class has seen growing interest from organizations around the world. Catherine Clay, Executive Vice President, Global Head of Data and Access Solutions at Cboe Global Markets, believes that the investment in CoinRoutes will facilitate the growth of Cboe in the digital asset space.
"We are pleased to build upon our relationship with CoinRoutes that began in 2020 with our licensing agreement, enabling Cboe to disseminate CoinRoutes' RealPrice market data, while also creating the opportunity to develop digital asset indices and offer custom index creation and calculation, to Cboe's clients," Clay said.
