Talos, an incoming institutional technology provider for cryptocurrency trading, has secured $ 40 million in Series A funding from some of the largest venture capitalists in the digital asset market.
Utaan, which was led by Andreessen Horowitz, Also partnered with PayPal Ventures, Fidelity Investments, Galaxy Digital, Elefund, Illuminate Financial and Steadfast Capital Ventures.
Talos said that Series A funding would help expand its institutional trading platform. The company provides liquidity sourcing, direct market access and clearing and settlement services to fund managers and other institutions. Its clients include by-side institutions and financial services providers such as banks, broker-dealers, OTC desks, custodians and exchanges.
Talos co-founder and CEO Anton Katz said his firm “has gained significant traction over the last two years” in attracting new institutional clients, adding:
“Now, by partnering with some of the most prominent players in global financial markets, we can realize our goal of providing textiles for the institutional trading of digital assets worldwide.
“We have reached a turning point, where only mass institutional adoption will progress with robust, expansive and institutional-grade market infrastructure,” said Andreasne Horowitz partner Ariana Simpson.
Peter Sanborn, managing partner of PayPal Ventures, called digital assets to play an “important role” in the global financial system, and said that Talos’ software provides “significant market structure support and helps institutions interact more efficiently with digital currencies make capable.”
Andreessen Horowitz has made a big splash in the digital currency market this year, supporting Layer-2 Scaling Solution, NXT Marketplace And Privacy-centric blockchain $ 76 million protocol. The venture capital firm has also unveiled plans for a $ 1 billion crypto fund that will be used to bootstrap various incoming digital asset companies.