Exchange Technology Developer AlphaPoint Raises $5.6M in Latest Funding Round
Exchange software provider AlphaPoint has secured funding it says will finance the development of sophisticated trading features.
The New York-based firm announced Thursday it has successfully raised $5.6 million in an additional funding round, taking its total capital raised to date to $23.9 million.
Established in 2013, AlphaPoint provides white-label trading software used by over 150 exchange clients around the world, according to the firm's figures. The company added support for security token offerings (STOs) a year ago and margin trading features last November.
The latest investment will go towards developing new trading features, including improved margin trading and liquidity solutions, and advanced brokerage capabilities. AlphaPoint co-founder and CEO Igor Telyatnikov commented that the raise meant the firm could "continue delivering on our mission to enable access to digital assets globally."
AlphaPoint raised $15 million in its first major funding round in June 2018, with assistance from crypto merchant bank Galaxy Digital. Its unclear if Galaxy also participated in the latest round, as none of the investors' names were disclosed in the announcement. CoinDesk has contacted AlphaPoint for more information.
In other news from the firm, the CEO of financial advisory firm Janney Montgomery Scott, Tim Scheve, has joined AlphaPoint's board of governors. Scheve is also a member of the board of governors at the Financial Industry Regulatory Authority (FINRA), the body responsible for regulating U.S. brokerage firms.