Polychain Capital Leads $7M Financing Round in Crypto Trading Desk Altonomy

Crypto trading desk Altonomy has secured $7 million from a financing round led by Polychain Capital. Established by Ricky Li, the company is also backed by 7 Blocks.

 “As a liquidity provider for altcoins, more funding will allow us to have more inventory, taking larger exposure and managing risk more effectively,” co-founder Li stated. “We don’t need to put constraints on our clients at settlement. This enables us to serve more clients better.”

“As a long-time user of Altonomy’s trading services, it was an easy decision for us to invest in their business when the opportunity became available,” said Olaf Carlson-Wee, founder of Polychain Capital.

“We are proud of our ability to source liquidity for customers, regardless of token type, order size, market cap, or whether the asset trades on centralized or decentralized exchanges,” Li stated.

Li used to be bearish on altcoins. Early this year, he told investors ”to liquidate enough ETH so they would have at least two years of runway.”

The founder looks at the brighter side now, however.

Last year, Altonomy also introduced AltMiner, a cloud service aiming to delve into the mining industry. Similar to its trading desk, Altonomy asserts a “superior return profile” with the “newest generation of miners, low electricity costs and a secure hosting site.”

The new funding will assist the firm to expand its services next year.