This article comes fromThe Block, original author: Tom Matsuda

Odaily Translator |

Odaily Translator |

Former Citadel Securities executives Leonard Lancia and Alex Casimo founded cryptocurrency market maker Portofino Technologies and completed $50 million in financing.

Backers of Portofino Technologies include Valar Ventures, Global Founders Capital and Coatue, according to a press release issued Thursday. The company's specific valuation was not disclosed.

Founded in April last year, the startup is developing technology for high-frequency trading of digital assets and claims to have completed billions of transactions through centralized exchanges (CEX) and decentralized cryptocurrency exchanges (DEX) as well as over-the-counter trading platforms. USD transactions. Its clients include institutions and Web3 projects seeking to obtain liquidity in the digital asset market.

Leonard Lancia, CEO of Portofino Technologies, said, "We have been at the forefront of the modernization of traditional markets, and we believe our liquidity provision infrastructure can bring enormous benefits to global digital asset participants and drive the next stage of development." Adoption. This is just the beginning for Portofino. In Web3, every action is a transaction, and we are building the underlying technology to enable entirely new services and industries of the future."

The company, previously in stealth mode, has embarked on a hiring spree despite not making it public until today. Portofino Technologies has hired more than 35 high frequency trading specialists to form its team in five locations around the world.

In addition to acting as a market maker, Portofino Technologies also aims to support Web3 projects, helping them launch tokens and obtain liquidity. The firm will also invest as a venture capital arm, led by former Speedinvest investor Charlie Boles.