Floating Point Group, a Hoboken, N.J.-based, MIT-born provider of a platform that simplifies the backend operations for investors to deploy cryptocurrency-centric strategies at scale, raised $10m in Series A funding.
Backers included Tribe Capital, Coinbase Ventures, Anthony Scaramucci, F A S T by Gettlylab, Borderless Capital, CapitalX, Formulate Ventures, and executives from GoldenTree Asset Management, HC Tech, and Pythagorus Investments.
The company intends to use the funds to grow its existing U.S. based software engineering staff and expand to new markets.
Led by Cofounder and CEO John Peurifoy, Floating Point Group provides a platform which allows investores to simplify the backend operations for investors to deploy cryptocurrency-centric strategies at scale. The company’s new platform grants hedge funds, asset managers, and other investors direct market access to centralized and decentralized cryptocurrency exchanges and OTC desks. Users of the platform can secure assets through a Multi-Party Computation-based (MPC) wallet system without compromising on the security of their funds.
Floating Point Group’s first product, an order and execution management system (OEMS), which is now integrated with its new custody and settlement platform, has been used by dozens of institutional clients to trade billions of dollars of cryptocurrencies in 2021.