Crypto Trading Platform Tagomi Nets $12 Million in New Funding Round
New York-based cryptocurrency brokerage and trading platform Tagomi Holdings raised $12 million in its latest funding round from investors including the Yale-backed Paradigm Fund, the company confirmed in a press release on Mar. 4.
Tagomi, which now has total funding of $28 million after its launch in December 2018, also added cryptocurrency industry giant Pantera Capital to its rake of investors.
The company offers Bitcoin (BTC), Ether (ETH) and other altcoin trading, along with products geared to institutional investors, like a portfolio management interface and API for programmatic trading.
“We are excited to partner with investors who have experienced first-hand, the frustrations around the lack of infrastructure, and work toward our shared vision of building next generation robust trading technology, so that clients can focus solely on developing their strategies,” Greg Tusar, co-CEO of Tagom and former Goldman Sachs executive, commented in the press release.
The crypto platform previously gained support from PayPal co-founder Peter Thiel, with Tagomi now aiming to ease market entry and exit for increasing numbers of investors.
Speaking to Bloomberg in an interview on Monday, Tusar noted the complex process involved in launching and supporting the nascent market. He said:
“I think one of the challenges for institutions has been you have to assemble all of the pieces yourself.”
Earlier today, Cointelegraph reported on how New York Stock Exchange owner Intercontinental Exchange’s Bakkt platform had reportedly completed an equity deal with Starbucks, which will see the coffee giant contribute to the cryptocurrency platform’s merchant on-ramp.