Membrane Labs, a NYC-based developer of a platform to manage institutional crypto trading and financing activity, raised $20M in Series A funding.
The round saw participation from Brevan Howard Digital, Point72 Ventures, Jane Street Capital, Flow Traders, Two Sigma Ventures, Electric Capital, Jump Crypto, QCP Capital, GSR Markets, Belvedere Trading, and Framework Ventures.
The company intends to use the funds to expand its customizable technology suite tailored for institutions active in spot, derivatives, or lending activities.
Led by Carson Cook, CEO, Membrane provides a modular technology platform for the digital asset sector with a comprehensive set of enterprise-grade tools facilitating management and settlement of OTC spot, derivatives, lending, and collateral management activity. With it, lenders can extend credit-using assets held in centralized exchange accounts as collateral. In addition, prime brokers can offer margin trading by cross-collateralizing fiat and crypto holdings against any combination of tri-party custodial accounts, exchange-traded accounts, and derivatives portfolios. For custodians, this technology provides a path to establish OTC derivatives offerings on top of their existing custody networks, introducing a competitive alternative to centralized derivatives exchanges.
Membrane’s senior leadership team is composed of crypto and traditional finance industry veterans:
- Craig Birchall, Head of Lending and Settlements, is formerly of Galaxy Digital’s lending desk and JPMorgan.
- James Roth, Head of Partnerships, previously ran business development at Galaxy Digital and spent over ten years at Goldman Sachs.
- Peter Fitzpatrick, Head of Sales, was most recently in a sales role at Galaxy Digital after spending five years at Goldman Sachs in equity derivatives sales.
FinSMEs
17/10/2023