Former Execs of Citadel Securities Raise $50M for Portofino Technologies
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High-Frequency Trading Solution
Portofino Technologies, established in April of last year, is developing a high-frequency trading solution for digital assets and asserts to have already transacted billions of dollars on both controlled and decentralized cryptocurrency exchanges and over-the-counter. Institutions and Web3 initiatives that need access to market liquidity for digital assets are among their clients.
The CEO, Lancia, stated in the release,
"Having worked at the forefront of the modernization 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 will enable entirely new services and industries in the future."
Even though Portofino Technologies just came out of hiding today, it has already been actively hiring. It has engaged a team of more than 35 high-frequency trading professionals in five locations worldwide. The business wants to promote Web3 initiatives in addition to serving as a crypto market maker, making it easier for them to launch tokens and gain access to liquidity.
Portofino Technologies could face opposition from other crypto market makers like Wintermute, B2C2, and Jump Trading. It also monitors other transactions in the maker area of the digital asset market.
