AlphaPoint raises $5.6m for expanding Crypto business
AlphaPoint provides while label full-stack software for cryptocurrency exchange operators as well firms looking to create and manage security tokens using blockchain. The Block that the funds will be utilized to scale the firm’s white-label exchange software and offer new exchange features.
New York-based AlphaPoint mentored by Igor Telyatnikov , co-founder and CEO, which provides the technical infrastructure to crypto exchanges and brokers, has bagged $5.6 million in fresh capital.
Telyatnikov said it took "only a few months" to close the round and that the majority of the funds came from new investors who wish to remain undisclosed. When asked if existing investor Galaxy Digital Ventures participated in the round, Telyatnikov said.
AlphaPoint has plans to utilize the fresh capital to scale its white-label exchange software and offer new exchange features later this year. "These new features will enable our customers to have deeper liquidity pools, offer leverage, lending and credit capabilities," he said.
There are currently about 50 people working for AlphaPoint, empowering over 150 customers across 35 countries, serving over a million end-users and enabling 100 million annual trades across the client portfolio, with the majority in development and technology roles, said Telyatnikov, adding that the firm is now hiring for development and technical operations positions.
The new funding will used for platform development and rolling out features like margin trading, integrated advanced brokerage capabilities, and premium liquidity solutions to customers.
"This capital injection enables AlphaPoint to continue delivering on our mission to enable access to digital assets globally. We are still in the early days of adoption and utilisation of blockchain technology," says Igor Telyatnikov, CEO, AlphaPoint.