Floating Point Group, a Cambridge, Massachusetts-based provider of a platform for institutional traders to deploy algorithmic systems for cryptocurrency trading, raised $2m in funding.
Backers included AngelList & MetaStable Capital founder Naval Ravikant, pif.vc, Algorand’s CEO Steve Kokinos, BoxOne Ventures, Seabury Global Markets, and several asset management executives.
The company intends to use the funds to expand its engineering staff and acquire its regulatory licenses in the U.S. to broaden the jurisdictions it can serve.
Led by John Peurifoy, CEO, FPG is an MIT-born startup accelerating the growth of cryptocurrency trading. They offer a consolidated, regulated API for advanced order execution and real-time market data being used by some of the largest and highest performing quantitative traders in the cryptocurrency space. Their API leverages partner settlement networks enabling fast and performant order execution that can happen partly or entirely from an account with a qualified custodian.
To date, FPG has executed hundreds of millions of dollars of trades and is feeding market data to more than 20 organizations.