- Exchange software provider AlphaPoint secured $5.6 million in the latest funding round
- The company said it will use the funds for platform development and launching of new exchange features
- CEO Igor Telyatnikov said in 2020 the company will announce the launch of new liquidity, leverage, and lending solutions
Crypto exchange software company AlphaPoint has raised $5.6 million in the latest funding round, increasing the total funds raised to date to $23.9 million. The company said the funding will help boost the development of advanced trading features.
According to AlphaPoint, its trading software is being used by more than 150 exchange customers worldwide. Last year, the company introduced support for security token offerings and added margin trading features in November.
The company plans to use the new funds to develop the platform and to launch additional exchange features, such as margin trading, advanced brokerage capabilities, and more sophisticated liquidity solutions.
The cofounder and CEO of AlphaPoint Igor Telyatnikov said the latest funds will help the company “continue delivering on our mission to enable access to digital assets globally.”
“Stay tuned in 2020 as we will soon announce the release of a series of new liquidity, leverage, and lending products and solutions to our customers,” he added.
The exchange technology developer secured $15 million in its first funding round in June 2018, backed by the crypto merchant bank Galaxy Digital. Galaxy Digital was also one of the investors in the latest funding round, but other participants did not reveal their identities.
AlphaPoint will be expanding its board of directors and advisory board with the addition of Tim Scheve, President and Chief Executive of Janney Montgomery Scott, and Jan Mayle, founder and current CEO of The Mayle Group who become the new advisor.
The Mayle Group, LLC, is a company that offers consulting, advising, and mentoring services to early and growth-stage financial technology firms. The group focuses on the development of financial markets, asset management, and financial analysis.
“Blockchain and other emerging technologies have the potential to substantially change aspects of financial services,” said Tim Scheve. “After personally observing advancements in these technologies for some time, I’m excited to engage more directly with Igor and the team at AlphaPoint to understand their impact on our industry.”