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Cryptocurrency startup Portofino Technologies has officially launched its high-frequency trading platform for digital assets, securing major funding from venture capital firms.

During the launch of its platform, Portofino revealed that it raised $50 million in equity funding from Valar Ventures, Global Founders Capital and Coatue. Although Portofino did not disclose how the funding will be used, the company has been active on the hiring front, having recruited over 35 employees across 5 global locations.

Portofino was founded in 2021 by former Citadel Securities employees Alex Casimo and Leonard Lancia. The company develops crypto-focused high-frequency trading technology, which is primarily used by hedge funds. As the company is just emerging from stealth mode, it claims to have traded billions of dollars on centralized and decentralized crypto exchanges.

High Frequency Trading, or HFT, refers to automated trading platforms that are typically used by major financial institutions to execute large batches of orders at extremely high speeds. These platforms rely on complex algorithms to analyze market trends and trading opportunities that can be executed in seconds.

On the crypto front, HFT strategies can now be executed on decentralized exchanges, or DEXs. Unlike centralized exchanges, DEXs offer much faster trading speeds and new arbitrage opportunities. Portofino’s HFT technology seeks to build on these capabilities by increasing access to liquidity.

Related: Fixed Interest Rates to Create DeFi 2.0 for Institutions, Says Former Bank Manager

Hedge funds and other institutional investors have shown strong interest in cryptocurrencies, but overall adoption has been slow due to several factors, including regulation and lack of infrastructure. As the head of crypto investment manager Apollo Capital told Cointelegraph:

“Nobody wants to be the first in something like this. Because if you’re the first and things go wrong, then there’s a job hazard. This will switch at some point to the opposite.