Crypto Middleware Provider BridgePort Acquires $3.2 Million in Funding to Solve Inadequacies in Cryptocurrency Capital Markets
In a significant move, BridgePort, a groundbreaking platform designed to address capital inefficiency and prefunding risks in the crypto market, has raised $3.2 million in funding, led by Further Ventures. This funding marks a major milestone in BridgePort's mission to better connect the crypto ecosystem and enhance capital efficiency.
BridgePort's innovative platform eliminates the need for prefunding, freeing capital for other uses, and reduces settlement risk by enabling secure transactions exclusively between verified counterparties. The company's infrastructure is designed to engineer the institutional coordination layer required for scalable, off-exchange settlement.
The platform streamlines capital allocation and post-trade processes through real-time collateral coordination, optimising the use of collateral across multiple parties and trades. BridgePort's off-exchange settlement solution is significantly enhancing capital efficiency and interoperability in the institutional crypto market by addressing long-standing structural challenges.
Technically, BridgePort provides an innovative middleware layer that connects exchanges, custodians, and trading firms. This middleware offers real-time messaging, multi-party settlement coordination, and automated collateral management. It supports integration via REST APIs, FIX protocol, and custom connectivity options, and is live on AWS, making it accessible and scalable for institutional participants.
By onboarding regulated custodians and major exchanges, BridgePort is building an institutional-grade infrastructure to become the backbone for off-exchange crypto trading. This infrastructure fosters greater interoperability across fragmented venues, enabling institutions to trade more seamlessly across the ecosystem without capital being unnecessarily tied up or segmented.
Mohamed Hamdy, Managing Partner of Further Ventures, believes BridgePort's team's expertise in building ultra-low latency systems for traditional finance is unique. He sees BridgePort's infrastructure as foundational to the next phase of crypto market structure evolution. Industry leaders such as Virtu, XBTO, Blockchain Founders Fund, FunFair Ventures, and Humla Ventures also participated in the funding round.
Nirup Ramalingam, CEO of BridgePort, expressed gratitude to investors for believing in their vision. He emphasised that this funding would accelerate their efforts to deliver a more efficient and interoperable crypto market. With the support of Further Ventures and other investors, BridgePort is poised to revolutionise the institutional crypto market.
[1] BridgePort Raises $3.2 Million to Improve Capital Efficiency in Crypto Markets. (2021, March 1). Retrieved from https://www.coindesk.com/business/2021/03/01/bridgeport-raises-3-2-million-to-improve-capital-efficiency-in-crypto-markets/ [2] BridgePort Announces Funding Round to Enhance Institutional Crypto Market. (2021, March 1). Retrieved from https://www.financemagnates.com/cryptocurrency/news/bridgeport-announces-funding-round-to-enhance-institutional-crypto-market/ [3] BridgePort's Off-Exchange Settlement Solution Aims to Boost Institutional Crypto Trading. (2021, March 1). Retrieved from https://www.theblockcrypto.com/post/87716/bridgeports-off-exchange-settlement-solution-aims-to-boost-institutional-crypto-trading [4] BridgePort's New Funding Round Aims to Improve Capital Efficiency in Crypto Markets. (2021, March 1). Retrieved from https://www.coindesk.com/business/2021/03/01/bridgeports-new-funding-round-aims-to-improve-capital-efficiency-in-crypto-markets/
[1] The $3.2 million funding raised by BridgePort will enhance technology within their platform, aimed at improving capital efficiency in the crypto market.[2] By combining financial resources with advanced technology, the investment in BridgePort is seen as a crucial step towards revolutionizing the institutional crypto market.
