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MIT startup secures $2 million funding

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Floating Point Group, a startup delivering institutional crypto traders automation technologies, garnered $2 million from several entities

An MIT startup focused on providing institutions better access to crypto trading technologies, has secured millions in funding.

Floating Point Group, or FPG, a startup delivering institutional crypto traders automation technologies, garnered $2 million of capital from several entities.

It’s becoming clear that sophisticated quantitative traders and platform developers are viewing the cryptocurrency markets as an exciting new opportunity, FPG CEO John Peurifoy explained in a May 28 statement.

Algorand CEO Steve Kokinos, Seabury Global Markets, AngelList founder Naval Ravikant, and multiple others invested the money into FPG, receiving company stake in return, the statement said.

An outfit operating under U.S. governing bodies, FPG plans on putting the funding toward regulation approvals, as well as the hiring of engineers.

Originally stemming from the Massachusetts Institute of Technology, or MIT, FPG offers traders a one-stop shop hub for automating their trades, giving them the technology aspects they desire, in line with U.S. laws. FPG works with APIs, letting traders connect to different exchanges and platforms for trading and liquidity, the statement noted.

Peurifoy added: As this market matures, we’ll continue to add critical pieces of the prime brokerage stack through innovations and strategic partnerships with other high quality groups to deliver a holistic experience that meets the technical requirements of algorithmic traders or other groups building trading applications.

The startup has already facilitated over $100 million in trade volume since its inception, the statement added.

Peurifoy’s comment is only the latest indicator of growing crypto trading and investing interest. Data analytics company Digital Assets Data CEO Mike Alfred recently told Cointelegraph of 20 formerly uninvolved people contacting him with interest in the industry.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

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