AlphaPoint, a white-label exchange solution provider, announced on Thursday that it raised $5.6 million in a fresh funding round.
This came after a $15 million funding round of the company, which was closed in late 2018. The company ten received the entire funding from Galaxy Digital, as seen on Crunchbase. Founded in 2013, the New York-based company raised a total of 23.9 million.
The company, however, did not disclose the names of the investors in the fresh funding round.
As the press release detailed, the fresh proceeds will be utilized in expanding AlphaPoint’s reach and offerings for the growing digital asset exchanges. It will also use the funds in rolling out of exchange features like margin trading, integrated advanced brokerage capabilities, and liquidity solutions to customers.
Commenting on the funding the firm’s ambitions, Igor Telyatnikov, co-founder and chief executive of AlphaPoint, said: “This capital injection enables AlphaPoint to continue delivering on our mission to enable access to digital assets globally. We are still in the early days of adoption and utilization of blockchain technology.”
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AlphaPoint’s white-label solution is being used by 150 exchanges across 35 countries, servicing more than a million end users, the company detailed.
The company is expanding into digital asset services when the demand in the market is growing. However, it will face fierce competition from major established players, including Binance, Huobi, KuCoin, and BitFury, who are also offering similar services.
“Stay tuned in 2020 as we will soon announce the release of a series of new liquidity, leverage, and lending products and solutions to our customers,” Telyatnikov added.
Bringing in experienced advisors
Apart from the funding, the company also announced the appointment of two fintech industry veterans – Tim Scheve and Jan Mayle – into its board of advisories.
Scheve is the president and CEO at brokerage and asset management firm Janney Montgomery Scott and is a part of the FINRA Board of Governors, while Mayle is heading The Mayle Group, a fintech consultant firm.