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-Finery Markets raises $5.5 million in seed round to accelerate institutional adoption of cryptocurrencies
LIMASSOL, Cyprus, Nov. 30, 2022 /PRNewswire/ — Finery Markets, a leading e-marketplace for institutional participants and provider of trading solutions for cryptocurrency markets, today announced a $5.5 million seed funding round. . The financing round was the first time the company received external financing.
The round was co-led by G1 Ventures, gumi Cryptos, and Shima Capital. Investors including Communitas Capital, DV Chain, GravityX, Unlimint, Daedalus Angels, oneAlpha, Floating Point Group and other industry leaders also joined the round.
Konstantin Shulga, Co-Founder and CEO of Finery Markets, said: “Leading the first multilateral institutional market in the cryptocurrency space, our goal is to establish best practices for trading, risk management, and operating standards for cryptocurrencies. We see our role as a foundational building block for the maturation of market infrastructure, which makes markets more efficient and sustainable.As a market, we have focused on bringing in a diverse mix of leading investors representing funds from the web3, strategic partners and traditional venture capital firms, led by veterans of the e-commerce business.
I believe that digital assets will become a leading asset class globally. The market structure must respond to changing needs. Our mission is to fill the gaps in transparency and technology solutions by bringing an institutional grade pre-trade, trade and post-trade infrastructure to a wide range of market participants. We help them automate operations throughout the entire trade lifecycle and increase the profitability of their businesses.”
Established in 2019, Finery Markets enables more than 70 companies dealing with digital assets internationally to gain access to deep liquidity pools offered by the world’s leading liquidity providers. The platform’s pre-trade and post-trade functionality provides clients with price intelligence, full trade transparency, settlement flexibility, market and counterparty risk control and reporting tools.
This round of funding follows strong growth for the platform with a diversified customer base – from payment service processors to retail and institutional sales platforms – all of which has been achieved on a shoestring budget. The platform enjoyed 12x year-over-year revenue growth in 2021 and continued to grow in 2022 despite challenging market conditions.
Commenting on the deal, Rui Zhang, co-founder and managing partner of gumi Cryptos Capital said: “As we have observed in the TradFi world, most of the transactions are done through the OTC market, rather than exchanges. We believe it will be the same for the cryptocurrency market. As a multi-dealer execution venue, Finery is able to provide much more efficient trading operation, lower cost of execution, and safer compensation control for institutional users. We are happy to support Finery’s vision”.
Arseny Klekovkin, Managing Partner at G1 Ventures added: “We have been following the development of Finery shortly after its inception and can only commend the agility and evolution of the team, as well as the impressive validation of the institution-focused business model that is compliant The team has placed the P2P and marketplace philosophy at the core of Finery from the start and it is now becoming more relevant than ever for any corporate user of digital assets Recent developments and failures of centralized on-ramps and trading venues underline Finery’s fundamental advantages and will support its further growth, even in the face of difficult markets. I look forward to working together with Ilya and Konstantin to enable Finery’s further success.”
Yida Gao, Managing Partner of Shima Capital said: “We have had the pleasure of learning about the Finery Markets platform in the last year, as several of Shima’s portfolio companies and partners already use the system. We were very impressed not only because of the Tier 1 trade execution platform, but also because of the high integrity and focus of the Finery team which exemplifies the type of management we like to support in bear markets.Given the recent market volatility and implosions in our space, institutions will trust centralized exchanges less and this gives Finery – a non-custodial model that does not require institutions to trust any third party with their coins – a sustainable advantage.”
About Finery Markets
Finery Markets is a leading multi-dealer over-the-counter electronic marketplace for institutional participants and a provider of trading solutions for the cryptocurrency markets. Serving clients since 2019, Finery Markets offers solutions throughout the entire life cycle of operations. The platform is also available as a white-label solution for major brokers, OTC desks, and exchanges that are willing to develop and expand a low-touch client business. For more information visit https://finerymarkets.com/
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