Portofino Technologies, a cryptocurrency firm that has received significant backing from venture capitalists, has unveiled its high-frequency trading platform for digital assets, as reported by Cointelegraph.
According to Cointelegraph, Portofino revealed that it received $50 million in equity from Valar Ventures, Global Founders Capital and Coatue when it launched its platform. The purpose of the money was not disclosed by Portofino, but the company has been busy hiring, filling more than 35 positions in 5 different countries.
Former Citadel Securities employees Alex Casimo and Leonard Lancia launched Portofino in 2021. The company develops high-frequency trading software focused on cryptocurrencies, which are primarily used by hedge funds. The company claims to have traded billions of dollars on controlled and decentralized cryptocurrency exchanges, even though it has only just come out of stealth mode.
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High-Frequency Trading, also known as HFT, is the use of automated trading systems to execute huge amounts of orders quickly and efficiently. These platforms use sophisticated algorithms to monitor market trends and provide instant trading opportunities, as Cointelegraph reports.
In 2021, Portofino was founded by Alex Casimo and Leonard Lancia, two former Citadel Securities employees. The company creates cryptocurrency-focused high-frequency trading software that is primarily used by hedge funds. Although only recently coming out of stealth mode, the company claims to have traded billions of dollars on centralized and decentralized cryptocurrency exchanges.
(With information from Cointelegraph)
Also read: Getting paid in cryptocurrency? How it will be taxed and how to manage crypto risks
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