Financial Technology

Former Citadel Securities leaders launch Portofino Technologies to build financial infrastructure tech in web3; raises €50M

Former Citadel Securities leaders, Leonard Lancia and Alex Casimo, announced on Thursday, September 15, that they have launched a new tech company, Portofino Technologies, and have raised over $50M (approximately €50M) in equity funding from Valar Ventures, Global Founders Capital, and Coatue Management.

Originally established in 2021, Portofino is building financial infrastructure technology to power digital asset adoption. 

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Founder Alex Casimo, says, “Only the firms with market-leading technology will be able to realise the enormous opportunities available in the growing Web3 ecosystem. That’s why we decided to build Portofino as a tech company, not a trading firm.”

Every activity in Web3 is a transaction, and Portofino gives organisations and Web3 initiatives the infrastructure and liquidity they require to carry out transactions throughout the whole digital asset ecosystem.

Portofino Technologies: Everything you need to know

Switzerland-based Portofino is developing High-frequency trading (HFT) grade technology for digital assets. It offers liquidity on the biggest centralised and decentralised cryptocurrency exchanges, and offers services to organisations and Web3 initiatives that need access to liquid digital assets.

Because of its methodology, tools, and network, Portofino says it has been possible for it to forge alliances throughout the Web3 ecosystem and support some of the most fascinating Web3 initiatives and protocols.

Since its inception, the company has been developing its HFT technology to implement its liquidity provisioning algorithms. Over the past year, Portofino claims to have employed a staff of more than 35 HFT experts and traded billions of dollars across centralised and decentralised cryptocurrency venues.

The startup says its technology, which uses machine learning and stochastic control techniques, provides clients and partners with the best pricing in the market. The goal of Portofino is to scale its technology throughout the whole value chain of the crypto infrastructure.

Founder Leonard Lancia, says, “Having worked at the forefront of the modernisation of traditional markets, we believe that our liquidity provisioning infrastructure can deliver enormous benefits to digital asset participants globally, and drive the next leg of adoption. This is only the start for Portofino. In Web3, every action is a transaction and we’re building the underlying technology that is going to enable entirely new services and industries in the future.”

Brief about the investors

US-based Valar Ventures is a venture capital fund founded by Andrew McCormack, James Fitzgerald and Peter Thiel. The firm invests globally in high-margin, fast-growing financial technology companies that are pursuing huge market opportunities. Some of its investments include Xero, Wise (formerly TransferWise), N26, Bitpanda, Qonto, Stash, Taxfix, Neo, and Moss.

Global Founders Capital (GFC) is an international VC firm that invests out of several local offices all over Europe, the US, South America and Asia-Pacific. In the last 20 years, GFC has helped over 500 entrepreneurs worldwide turn big ideas into great global companies. Slack, Eventbrite, Canva, Personio, Away Travel, HomeAway, Zalando, Revolut, Funding Circle, Lazada, Jumia, HelloFresh, and Delivery Hero represent some of GFC’s global successes.

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