Altonomy, Ricky Li’s cryptocurrency trading desk, has closed a Polychain Capital round of $7 million financing. The company is also funded through 7 Blocks.
“As a liquidity provider of altcoins we will have more inventory. This will enable us to take on more risk and increase our exposure. Settlement is not a time when we have to place restrictions on our clients. This allows us to better serve our clients.”
Olaf Carlson Wee, founder of Polychain Capital, added:
“As an Altonomy long-time customer, it was easy for us to make the investment in their business when the opportunity presented itself.” “We are proud to be able to source liquidity for our customers, regardless token type, order size or market cap or whether the asset trades via centralized or decentralized exchanges,” she said.
Li was not always supportive of altcoin. In January 2019, he advised investors to “To liquidate enough Ethereum so that they have at least two more years of runway.It seems that the founder has changed his mind. Altonomy launched AltMiner last summer, which is a cloud-based service for larger clients who want to get into the mining industry.
Altonomy boasts a “superior Return Profile” with “the newest generation of miners and low electricity costs.” This cash injection will allow the company to expand these services over the next year.