Recently, a startup from MIT has secured $2 million in funding from various sources to improve access to crypto trading technologies. The nascent company called Flat Point Group (FPG) raised this considerable capital from institutional investors and are looking to get things done with their platform as soon as possible.
According to John Peurifoy, the CEO of FPG:
“It’s becoming clear that sophisticated quantitative traders and platform developers are viewing the cryptocurrency markets as an exciting new opportunity,
Recently, many cryptocurrency projects have been funded by institutional investors around the world including a famous funding of $16.75 million of a crypto services company a few months back. Chinese banks are also known to back cryptocurrency projects within their country at a much larger scale too.
Algorand CEO Steve Kokinos, Seabury Global Markets, AngelList founder Naval Ravikant, and other investors keenly pooled in their money to fund this new project. The startup originated from Massachusetts Institute of Technology (MIT), one of the best engineering schools in the USA. The company aims to expand their initial working and provide a one-stop shop for all automated trading requirements around the world.
They will also provide these services in accordance with both federal and state laws. This has been one of the problems of the cryptocurrency trading sector as state and federal regulations often contradict and clash with each other despite several attempts to overhaul the system by several pro-crypto lawmakers both at the state and federal level. But, while this problem exists, someone has to provide the right solution to the professionals and FPG believe they are the one to deliver on it.
With the raised amount, FPG will raise a new team for the regulatory aspect as well as new engineers to further develop the system. FPG hopes to allow traders to have multiple exchanges options for their trading interests rather than relying on one or two. This will create further competition among cryptocurrency exchanges and help improve the services of the industry. According to FPG, it has already facilitate trading of more than $100 million despite only being a startup at this moment.
Cryptocurrency projects have raised hundreds of millions of dollars before but with Initial Coin Offerings, and very little with institutionalized investors. While the ICOs have died down over the years, it is good to see that the conventional investors are now more and more interested in the space, which will evidently mean increasing value for the sector overall.
Image source: pixabay
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