Finery Markets, a crypto liquidity marketplace, has announced a $5.5m seed funding round, the first time the company has received outside investment.
The Cyprus-headquartered business will use the proceeds of the round to grow its teams in the US and the APAC region.
It will also extend its prime brokerage and liquidity provider networks, introduce new pre- and post-trade services, and expand to new asset classes and complimentary business lines.
The pre- and post-trade functionality of the platform provides its clients with, among other things, price intelligence, full trade transparency and reporting tools.
Established in 2019, the platform had a 12x year-on-year growth in 2021 and continued growth in 2022, it said in a statement.
The round was co-led by G1Ventures, gumi Cryptos and Shima Capital. Investors included Communitas Capital, DV Chain and Floating Point Group.
Konstantin Shulga, co-founder and chief executive officer of Finery Markets, commented: “We are delighted to welcome our new investors, which have demonstrated confidence in our long-term vision and will help us to expand our market footprint.”
On the business and its future, he said: “We see our role as a foundational building block for maturing market infrastructure, which makes markets more efficient and sustainable.
“I believe in digital assets becoming a leading asset class globally. Our mission is to bridge the gaps in transparency and technological solutions by bringing institutional-grade pre-trade, trade and post-trade infrastructure to a broad range of market participants.”
Commenting on the deal, Rui Zhang, co-founder and managing partner of gumi Cryptos Capital, said: “As a multi-dealer execution venue, Finery is able to provide a much more efficient trading operation, lower execution cost, and safer clearing control for institutional users.”
Arseny Klekovkin, managing partner of G1 Ventures, addressed the current turmoil in crypto in his comments on the investment, saying: “Recent events and failures of centralised onramps and trading venues underscore the fundamental advantages of Finery and will support its further growth even in the face of challenging markets.”
Yida Gao, managing general partner of Shima Capital, added: “Given the recent market volatility and implosions in our space, institutions will trust centralised exchanges less and this gives Finery—a non-custodial model that does not require institutions to trust any third party with their coins—a sustainable edge.”
Image: Finery Markets