Arbelos Markets, a crypto liquidity provider, has raised $28 million in a seed funding and debt financing round.
Dragonfly Capital led the round, which included participation from Circle Ventures, Aevo, Polygon, Deribit, Immutable, and other investors. Arbelos Markets plans to use the newly raised capital to improve its quant trading infrastructure and recruit staff, as well as broaden its product offerings and market reach.
“Arbelos is replacing the pre-FTX…trading system with one based on provable trust," Arbelos Markets Co-founder and CEO Joshua Lim said in a statement Wednesday.
Arbelos Market was founded in 2023 by Lim, a former trader at Galaxy and Genesis, and Shiliang Tang, who was previously CIO at digital asset hedge fund LedgerPrime. They seek to be a principal dealer, using their proprietary Transparency Engine developed by traders and quants experienced in both cryptocurrency and traditional finance.
This role has become increasingly important as institutional interest in crypto derivatives has escalated, coinciding with the digital asset market's robust recovery this year. In April 2024, the combined open interest for bitcoin futures and perpetual swaps reached a record $29 billion, marking a 160% increase from the previous year, according to data from The Block.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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