CoinRoutes, a Miami-based startup providing an algorithmic trading platform for digital assets, closed $16 million in Series B funding.
The round was led by Ayon Capital with participation from Susquehanna International, Cboe Global Markets, Celsius, CMT Digital, Genesis Global Trading, Galaxy Digital, Arca, Mirana Ventures (venture partner of Bybit and BitDAO), GSR Markets, AscendEX, and others. To date, the startup has raised $34 million, according to Crunchbase.
“It’s very rare to find a team with such deep technical talent, knowledge of financial markets, and passion for crypto. They identified the early need for institutional crypto trading software five years ago and continue to execute today,” said Rahul Pagidipati, CIO of Ayon Capital. Pagidipati will join the CoinRoutes Board.
The funding will support expansion of CoinRoutes’ operations and business reach, the company said.
Founded in 2017 by Dave Weisberger, CEO, Michael Holstein, CRO, and Ian Weisberger, CTO, CoinRoutes provides the institutional community with pure-play crypto SaaS trading technology delivering the tools – algorithms, market access, TCA and market data – that active and quantitative crypto traders require.
Today, the company consolidates market data and offers algorithmic trading for over a thousand spot and derivative instruments from over 50 major exchanges and liquidity providers 24/7. The patent-pending distributed architecture allows clients to keep control over their wallets and keys.
“Our clients make more money trading, net of fees, by using CoinRoutes. Our algorithms were built from the ground up for crypto’s unique market structure, leverage terabytes of market data collected daily, and have evolved based on five years of deep learning,” said Dave Weisberger, who has a deep background in the automation and analysis of equity trading. “We are laser-focused on helping our clients achieve best execution. The result is they capture significantly more alpha from their trades.”
Miami saw an explosion of crypto- and web3-related venture capital flow in the metro area startups in the second half of 2021, approaching the levels of funding that fintech and healthtech companies attract in South Florida. So far this year, the momentum has continued, with more fundings and a Mimai Tech Month in April filled with crypto and web3 conferences and events.
Follow Nancy Dahlberg on Twitter @ndahlberg and email her at [email protected]
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