Portofino Technologies, a cryptocurrency business that received significant backing from venture capital firms, has unveiled its high-frequency trading platform for digital assets, as reported by Cointelegraph.
According to Cointelegraph, 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.
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.
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, as reported by Cointelegraph.
In 2021, Portofino was founded by Alex Casimo and Leonard Lancia, two ex-Citadel Securities workers. The company creates cryptocurrency-focused high-frequency trading software that is mostly used by hedge funds. Despite only recently emerging from stealth mode, the company claims to have traded billions of dollars on both centralised and decentralised cryptocurrency exchanges.
(With insights from Cointelegraph)