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Babafemi Adebajo
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Crypto trading firm Talos has raised $105 million in its most recent funding round. The firm reached a $1.25 billion valuation to become the latest crypto unicorn, after the completion of its Series B round. General Atlantic led the funding round.
In its previous round just last year, the firm raised $40 million. According to the announcement released on May 10, the funding round witnessed participation from both traditional finance and crypto firms. Specifically, Stripes, BNY Mellon, Citi, Wells Fargo Strategic Capital, and Voyager participated to name a few. The round also saw participation from pre-existing investors like Andreessen Horowitz, PayPal Ventures and Fidelity Investments, among others.
How the Funds Will Be Used
Established in 2018, Talos provides institutional-grade services for trading, settlement and others. The company provides institutions with the technology infrastructure to power the full trade lifecycle. Its infrastructure aggregates prices from different exchanges and market makers so clients can access it all in one place. According to the company’s website, Talos draws data from several partners including Binance, Coinbase and FTX.
Using the funds, Talos will expand its institutional-grade digital asset platform. The firm will also pursue further expansion into Europe and the Asia-Pacific region.
Speaking on the development, BNY Mellon’s global FX head Jason Vitale noted:
“Our investment is the latest example of BNY Mellon’s commitment to the future of digital assets.”
Vitale also pointed out that BNY Mellon has joined the team of advisors on Talos’ Strategic Investor Forum. The forum’s efforts are to build enterprise-grade solutions for the crypto market.
Inference from the Funding Round
Unlike previous funding rounds, Talos received more investment from traditional institutions in the Series B funding round. Talos co-founder and CEO, Anton Katz, believes that the investment of the institutions represents a tipping point in the industry and represents proof that more institutions are embracing crypto assets.
He said, “The institutions are now here, and we’re extremely proud to be the digital asset trading platform of choice for leading institutions around the world.” Katz also believes that Talos is positioned to handle a greater variety of digital assets as traditional finance institutions find more uses for its trading methods.
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