Former Citadel executives raised $50 million for their cryptocurrency market maker.

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Last Updated on September 17, 2022 by Bitfinsider

Leonard Lancia and Alex Casimo, two former executives of the world’s leading investor in financial markets, Citadel Securities, have raised $50 million for their own crypto market maker. The company also intends to invest in cryptocurrency assets through web 3 projects.

Ex-Citadel Security executives launched their own market maker, Portofino Technology, in April 2021. The platform’s goal is to enable high-frequency trading (HFT) and provide advanced features to web 3 and other institutions’ digital asset users. It offers liquidity services to web 3 crypto users and relies on highly efficient and fast algorithms to open and close trades in real time.

Portfino Technology, a Swiss startup, detailed in a press release that the platform employs 35 technology experts working in Portfonio’s offices in New York, London, and Singapore, and that it plans to increase its staff headcount by 50 in 2022. The company has not yet stated its valuation.

The funds for Portofino have been amassed in the midst of long-running bloodbaths and inflation that have wiped billions of dollars from the crypto market. It increased selling pressure, and lawmakers fueled the fire with their aggressive approach to digital assets.

Similarly, this environment led to lower trading volumes and fewer arbitrage opportunities. It also raised the borrowing costs. Portofino Technology, on the other hand, could compete on leverage with the help of its automotive inventory management and unique algorithms.

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