Crypto trading platform CoinRoutes has announced that a $16m deal in Series B funding has been finalised.
The money will scale up the platform’s operational capabilities which include the provision of a pure-play crypto SaaS trading technology, together with maintaining the supply chain of crucial insights for crypto traders such as market data, market access, TCA and algorithms.
On the success of the five-year old platform, CEO and Co-Founder of CoinRoutes David Weisberger evaluated: “Our clients make more money trading, net of fees, by using CoinRoutes. Our algorithms were built from the ground up for crypto’s unique market structure, leverage terabytes of market data collected daily, and have evolved based on five years of deep learning.
“We are laser-focused on helping our clients achieve best execution. The result is they capture significantly more alpha from their trades.”
Further outlining the value CoinRoutes adds to the crypto space, company CTO and Co-Founder Ian Weisberger noted that the use of retrofitted TradFi multi-asset systems for high-performing algorithms can be ‘forgotten’ about, as CoinRoutes’ algorithms are “purpose-built for the unique intricacies of the crypto ecosystem”.
Another executive comment came from CoinRoutes CRO, Michael Holstein, who commented: “If you run market-neutral portfolios or trade spot versus futures to capture spread, you’ll need a very high throughput environment to extract your alpha. We provide everything you need.”
Financial backing for the funding round will be provided by Arca, AscendEX, Cboe Global Markets, CMT Digital, Celsius, Galaxy Digital, Genesis Global Trading, GSR Markets, Mirana Ventures, Susquehanna International, and others.
Wes Hansen, Head of Trading Operations at Arca, said: “CoinRoutes allows us to efficiently and safely manage large positions for multiple traders across any exchange. The algorithms and operating system they’ve developed have been integral in how we trade digital assets, with a solution for everything from tiny illiquid markets to large BTC trades across multiple OTC desks.”
Susquehanna Head of Digital Asset Investments Dean Carlson said: “We’re excited to not only be an investor in CoinRoutes, but to be a client. We reviewed other commercially available crypto trading systems and decided that CoinRoutes offers the best algorithms and market-access for our current needs.”
Catherine Clay, Executive Vice President, Global Head of Data and Access Solutions at Cboe Global Markets, added: “We are pleased to build upon our relationship with CoinRoutes that began in 2020 with our licensing agreement – enabling Cboe to disseminate CoinRoutes’ RealPrice market data – while also creating the opportunity to develop digital asset indices and offer custom index creation and calculation, to Cboe’s clients. This investment in CoinRoutes will strengthen the partnership between our companies and help Cboe further grow its presence in the digital asset space.”
CMT Digital Investor Sam Hallene noted: “CoinRoutes unique ability to efficiently execute trades across the crypto landscape has been fundamental to growth of this asset class across traditional institutions. We are thrilled to be supporting the CoinRoutes team as they continue to enhance their suite of algorithmic trading solutions and data analytics.”
“Genesis has been a user and supporter of CoinRoutes’ trading platform for a long time. We are excited to see the team’s commitment to bringing additional transparency and efficiency to the market,” said Michael Paleokrassas, Co-Head of Trading and Lending at Genesis.
And finally, CEO of Celsius Alex Mashinsky remarked: “Celsius is a big supporter of CoinRoutes, and we are happy to back them in this round. We are especially impressed with CoinRoutes’ ability to provide efficient execution via their smart order liquidity routing using proprietary algorithms.”
The round is led by Ayon Capital whose CIO Rahul Pagidipati will become a part of the CoinRoutes Board. Pagidipati is currently also a Board Member for search engine Brave Browser, as well as the Co-CEO of cryptocurrency exchange Zebpay.
Pagidipati said: “It’s very rare to find a team with such deep technical talent, knowledge of financial markets, and passion for crypto. They identified the early need for institutional crypto trading software five years ago and continue to execute today.
“We are excited to work with the CoinRoutes team on products and services that provide synergies with our other investments in the digital arena.”