CoinRoutes, an algorithmic trading platform for digital assets, has finalized a $16 million Series B round, which was led by Ayon Capital.
The CIO for Ayon Capital, Rahul Pagidipati, Co-CEO of Zebpay and Board Member for Brave Browser, will join the CoinRoutes Board. This latest investment round includes contributions 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.
CoinRoutes began operations back in 2017 and has been “providing the institutional community with pure-play crypto SaaS trading technology for over five years.” Delivering the tools – algorithms, market access, TCA and market data – that active and quantitative crypto traders require “is made possible because of the management team’s extensive experience building trading and investment platforms.”
Dave Weisberger, CEO and Co-Founder of CoinRoutes, stated:
“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 We are laser-focused on helping our clients achieve best execution. The result is they capture significantly more alpha from their trades.”
Ian Weisberger, CTO and Co-Founder, remarked:
“If you want high-performing algorithms, you can forget using a TradFi multi-asset system that was retrofitted for crypto. Our algorithms are purpose-built for the unique intricacies of the crypto ecosystem.”
Ian added:
“If you run market-neutral portfolios or trade spot versus futures to capture spread, you’ll need a very high throughput environment to extract your alpha,” said Michael Holstein, CRO. “We provide everything you need.”
Wes Hansen, Head of Trading Operations at Arca, noted:
“CoinRoutes allows us to efficiently and safely manage large positions for multiple traders across any exchange. The algorithms and operating system they’ve developed have been integral in how we trade digital assets, with a solution for everything from tiny illiquid markets to large BTC trades across multiple OTC desks.”
Dean Carlson, Head of Digital Asset Investments at Susquehanna, said:
“We’re excited to not only be an investor in CoinRoutes, but to be a client. We reviewed other commercially available crypto trading systems and decided that CoinRoutes offers the best algorithms and market-access for our current needs.”
As noted in the update, CoinRoutes was “built from the ground up to handle the unique market structure of crypto-assets as a leading provider of algorithmic trading strategies and execution management systems.”
The firm “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.” Clients use CoinRoutes because they “make more money trading crypto.”
