Blockchain facilitator AlphaPoint has raised USD 15 million in Series A funding with an investment from Mike Novogratz’s VC firm Galaxy Digital Ventures.
According to a press release Thursday, AlphaPoint, which specialises in helping institutions launch trading platforms and tokenize assets using blockchain technology, will also welcome Galaxy Digital Ventures Managing Director, Greg Wasserman, to its board of directors.
AlphaPoint said in the statement that its white label exchange and asset digitization technology is used by customers in over 30 countries around the world, including major institutions such as CME Group, The Royal Mint, London Block Exchange (LBX), Bitt, and Muirfield Investment Partners, to launch trading platforms and digitize assets.
The company operates across various sectors including commodities, private company shares, and fiat currencies as well as real estate, diamonds, cryptocurrencies, initial coin offerings (ICOs), and securitized token offerings. The funding will be used to further accelerate the already rapid global growth AlphaPoint is currently experiencing, the company stated.
“We are in the early stages of a fundamental transformation in financial markets due to the digitization of assets,” Novogratz said in the statement. “This transformation started with currencies but is now changing the way we look at commodities, real estate, art, and other traditional and emerging asset classes. We are excited to partner with AlphaPoint as we continue to help drive this revolutionary change in digital markets.”
“We are delighted to have Galaxy Digital Ventures as a strategic investor who shares our vision to unlock the value of illiquid assets for a wider audience of investors and traders,” said Salil Donde, AlphaPoint Chief Executive Officer. “This investment allows us to continue our focus on our customers’ success.”
“The market opportunity for digitizing illiquid assets is tremendous,” added Wasserman. “Consumers are demanding increased access, transparency and trust. Businesses are seeking increased liquidity with reduced fraud, risk and cost. Executing on this market opportunity requires proven best-in-class technology alongside seasoned management teams with substantial experience providing new technology to a variety of financial institutions. AlphaPoint brings this rare combination together.”