Interest in cryptocurrency trading on the rise

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Posted on: May 29, 2020 6:22 pm EDT

An MIT-backed program shows that more people are starting to take a serious interest in digital assets

The world of digital currencies and trading might have started slowly in a world controlled by centralized financial institutions, but the benefits brought by cryptocurrencies are making the industry grow anyway. The interest in crypto trading has been increasing lately, and it can be seen in a new funding granted to a Massachusetts Institute of Technology (MIT) startup that hopes to bring institutions better access to crypto trading technologies. The name of the company is Floating Point Group (FPG) and it has just collected $2 million of capital from several sources.

“It’s becoming clear that sophisticated quantitative traders and platform developers are viewing the cryptocurrency markets as an exciting new opportunity,” FPG CEO John Peurifoy explained in a statement. The investors who are turning their eyes into this young industry are getting the company’s stake in return for their investments. Some of the names listed among those investors are Algorand CEO Steve Kokinos, Seabury Global Markets and AngelList founder Naval Ravikant, just to name a few. The funds collected are to be used to fund planned regulation approvals and to hire new engineers to expand the company’s reach.

This platform offers tech-based traders a place to automate their trades alongside technological features that can enhance the functionally of automated trades. It uses APIs to connect to different exchanges for trading and liquidity. “As this market matures, we’ll continue to add critical pieces of the prime brokerage stack through innovations and strategic partnerships with other high-quality groups to deliver a holistic experience that meets the technical requirements of algorithmic traders or other groups building trading applications,” wrote Peurifoy in the statement.