Floating Point Group, a crypto startup based in Hoboken, has raised $10 million in Series A funding to continue disrupting the crypto industry.
The Series A funding round counted with participation from investors like Tribe Capital, Anthony Scaramucci, Coinbase Ventures, Gettlylab’s F A S T, CapitalX, Borderless Capital, Formulate Ventures, etc. Floating Point Group will use this investment to develop human resources and expand the market. Anthony Scaramucci commented on his participation in the round by stating:
“Digital assets are at the forefront of financial innovation with promise to revolutionize money for small businesses and financial institutions alike. Floating Point Group is building transformative technology to deliver that promise by helping businesses access the cryptocurrency markets.”
Regulated in the US and abroad, Floating Point is aiming to improve the existing secured custody solutions by integrating trading, paying, staking, and profiting features. By simplifying the backend operation, the startup supports investors to allow them to develop new cryptocurrency investing strategies. John Perifoy. Co-founder and CEO of Floating Point Group, referred to the growth the startup has experienced in this regard by stating:
“2021 has helped the entire industry cross a threshold. The question is no longer if – but when. When will the infrastructure be ready for cryptocurrency adoption to happen at scale with efficiency, security, and reliability? I could not be more proud of the exceptional work of our team this year. With this funding comes a host of brilliant, dedicated partners helping us pave the way forward for trading, custodying, and ultimately using digital assets”
Floating Point’s first product to make it to the market was an order management and execution system integrated with a newly popularized payment and custody platform that supports billions of dollars worth of cryptocurrency trading every year. Thanks to this product asset managers or investors can directly access the market using centralized or decentralized cryptocurrency exchanges and even OTC desks. In addition, it also helps customers secure assets with a wallet system based on multi-party computation.
With crypto continuing to gain popularity among private investors and enterprises, bridging the worlds of Decentralized Finance and centralized crypto platform is paramount to ensure innovation. The crypto startup plans to facilitate this process by becoming a major driver of growth in the ecosystem.