MIT Crypto Spinout Floating Point Group Raises $10M Series A to Fuel Growth
Floating Point Group drastically simplifies the backend operations for investors to deploy cryptocurrency-centric strategies at meaningful scale. In a secure and insured custody solution, hedge funds, asset managers, and brokers can trade, stake, and seek yield with their assets within the confines of familiar and sophisticated administrator controls.
The company has recently closed a $10 million series A investment with participation from Tribe Capital, Coinbase Ventures, Anthony Scaramucci, F A S T by Gettlylab, Borderless Capital, CapitalX, Formulate Ventures, and executives from GoldenTree Asset Management, HC Tech, Pythagorus Investments
With the new capital, the startup is aggressively growing its existing U.S. based software engineering staff to meet surging investor demand and expanding to new markets.
"2021 has helped the entire industry cross a threshold. The question is no longer if- but when. When will the infrastructure be ready for cryptocurrency adoption to happen at scale with efficiency, security, and reliability?" asked Floating Point Group Cofounder and CEO John Peurifoy "I could not be more proud of the exceptional work of our team this year. With this funding comes a host of brilliant, dedicated partners helping us pave the way forward for trading, custodying, and ultimately using digital assets"
The company's new platform grants hedge funds, asset managers, and other investors direct market access to centralized and decentralized cryptocurrency exchanges and OTC desks. Users of the platform can secure assets through a Multi-Party Computation-based (MPC) wallet system without compromising on the security of their funds.
Anthony Scaramucci, an investor in Floating Point Group, commented, "Digital assets are at the forefront of financial innovation with promise to revolutionize money for small businesses and financial institutions alike. Floating Point Group is building transformative technology to deliver that promise by helping businesses access the cryptocurrency markets."
Floating Point Group's first product, an order and execution management system (OEMS) that's now integrated with the company's new custody and settlement platform has been ]used by dozens of institutional clients to trade billions of dollars of cryptocurrencies in 2021.
About FPG Floating Point Group is a growth-stage MIT-born startup drastically simplifying the backend operations for investors to deploy cryptocurrency-centric strategies at meaningful scale. Regulated both within the U.S. and abroad, they offer a global client base a secure and insured custodial solution with integrations for trading, settlement, staking, and yield-seeking.