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CoinRoutes completes $16M Series B funding round

CoinRoutes completes $16M Series B funding round

Last updated 29th Jun 2022
Disclosure
  • Other investors in the funding round included Cboe Global Markets, Celsius, Susquehanna International
  • CoinRoutes delivers pure-play crypto SaaS trading technology, algorithms, market access

CoinRoutes, a leading digital asset algorithmic trading platform, raised $16 million in an Ayon Capital-led Series B funding round, Bankless Times learned from a press release on PR News Wire. The platform’s Board of Directors will have a new member after the round: Ayon Capital CIO Rahul Pagidipati.

Celsius, Cboe Global Markets, Arca among other investors

Other investors in the funding round included Cboe Global Markets, Celsius, Susquehanna International, CMT Digital, Arca, Genesis Global Trading, and Mirana Ventures, a venture partner of BitDAO and Bybit.

Rahul Pagidipati commented:

It's very rare to find a team with such deep technical talent, knowledge of financial markets, and passion for crypto. They identified the early need for institutional crypto trading software five years ago and continue to execute today.

Delivering crypto SaaS tech for 5+ years

Since its launch in 2017, CoinRoutes has been delivering pure-play crypto SaaS trading technology to the international community along with market data, algorithms, TCA, and market access required by active crypto traders. The leadership’s extensive experience developing investment and trading platforms has made this possible.

Dave Weisberger, CEO and Co-Founder of CoinRoutes pointed out the merits of his organization:

Our clients make more money trading, net of fees, by using CoinRoutes. Our algorithms were built from the ground up for crypto's unique market structure, leverage terabytes of market data collected daily, and have evolved based on five years of deep learning.

Michael Holstein, CoinRoutes CRO noted:

If you run market-neutral portfolios or trade spot versus futures to capture spread, you'll need a very high throughput environment to extract your alpha. We provide everything you need.

Alex Mashinsky, CEO of Celsius, added:

Celsius is a big supporter of CoinRoutes, and we are happy to back them in this round. We are especially impressed with CoinRoutes' ability to provide efficient execution via their smart order liquidity routing using proprietary algorithms.

Wes Hansen, Head of Trading Operations at Arca praised CoinRoutes:

CoinRoutes allows us to efficiently and safely manage large positions for multiple traders across any exchange. The algorithms and operating system they've developed have been integral in how we trade digital assets.

Catherine Clay, Executive VP, Cboe Global Markets stated the investment in CoinRoutes would strengthen the partnership between the two companies and facilitate further growth of Cboe’s presence in the digital asset space.

Dean Carlson, Head of Digital Asset Investments at Susquehanna said:

We're excited to not only be an investor in CoinRoutes, but to be a client. We reviewed other commercially available crypto trading systems and decided that CoinRoutes offers the best algorithms and market-access for our current needs.

Sam Hallene, Investor at CMT Digital concluded:

CoinRoutes' unique ability to efficiently execute trades across the crypto landscape has been fundamental to growth of this asset class across traditional institutions. We are thrilled to be supporting the CoinRoutes team as they continue to enhance their suite of algorithmic trading solutions and data analytics.

Daniela Kirova

Daniela Kirova

Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.