Portofino Technologies, a cryptocurrency company with strong venture capital support, has introduced its high-frequency trading platform for digital assets.
Alex Casimo and Leonard Lancia, former employees of Citadel Securities, started Portofino in 2021. The business is developing high-frequency trading software with a focus on cryptocurrencies, which is mostly utilised by hedge funds. The business claims to have exchanged billions of dollars on both controlled and decentralised cryptocurrency exchanges even though it has just recently come out of stealth mode.
Cointelegraph claims that when Portofino launched its platform, it announced that it had acquired $50 million in equity funding from Valar Ventures, Global Founders Capital, and Coatue. Portofino did not specify the use of the funds, but it has been busy hiring, filling over 35 posts in 5 different nations.
High-frequency trading, also known as HFT, is the practise of using automated trading systems to quickly and efficiently execute huge quantities of orders. These platforms use sophisticated algorithms to monitor market trends offer instantaneous trade possibilities.
On the cryptocurrency front, decentralised exchanges, or DEXs, now allow the use of HFT methods. DEXs provide new arbitrage opportunities and substantially faster trading speeds than centralised exchanges. The goal of Portofino’s HFT technology is to provide liquidity access in order to enhance these capabilities.
Portofino disclosed that it had received $50 million in equity capital from Valar Ventures, Global Founders Capital, and Coatue when it launched its platform. The purpose of the money was not disclosed by Portofino, but the company has been busy hiring, filling over 35 positions across 5 different countries.
Despite the significant interest that hedge funds and other institutional investors have exhibited in cryptocurrencies, there has been a limited uptake overall because of a number of issues, including legislation and a lack of infrastructure. According to Apollo Capital’s chief executive officer, who spoke to Cointelegraph:
“Nobody wants to enter something like this first. Because there is a career risk if you are the first and something goes wrong. At some time, that will change to the contrary.
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