Crypto services company AlphaPoint successfully raised $15 million in its first major round of venture capital funding, the firm announced Thursday.
AlphaPoint raised the funds through Mike Novogratz's Galaxy Digital, the self-described cryptocurrency merchant bank. Chief executive Salil Donde said Galaxy Digital managing director Greg Wasserman is also joining his firm's advisory board to provide "oversight, guidance and insights."
Donde told CoinDesk:
"Galaxy and AlphaPoint are both leaders in the crypto and blockchain space, so there have been, and will continue to be, opportunities where we can collaborate for the benefit of mutual customers. With respect to future products and technology, AlphaPoint will continue to incorporate the needs of our customers and our prospective customers in conjunction with the ever-changing blockchain landscape around us."
The new funds will help AlphaPoint continue its mission of using blockchain technology to digitize assets in both traditional and emerging markets, he said, referencing the Regulated Asset Backed Token (RABT) his firm introduced to provide liquidity into the real estate market.
In a statement, Wasserman noted that "the market opportunity for digitizing illiquid assets is tremendous. Consumers are demanding increased access, transparency and trust. Businesses are seeking increased liquidity with reduced fraud, risk and cost."
Galaxy Digital was launched earlier this year by billionaire and former hedge fund manager Michael Novogratz, and reportedly raised a total of $250 million as a cryptocurrency investment venture.
"We are in the early stages of a fundamental transformation in financial markets due to the digitization of assets ... we are excited to partner with AlphaPoint as we continue to help drive this revolutionary change in digital markets," he said in a press release.
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