AlphaPoint, the white label crypto exchange provider, has raised a further $5.6 million to help it scale its business.

Underpinning 150 crypto exchanges

The New York-based company’s white label tech now provides the backend for 150 cryptocurrency exchanges in 35 countries, which collectively serve over a million end users.

According to AlphaPoint, the new capital will be used to further develop its platform, introduce new features like margin trading, advanced brokerage facilities, and improved liquidity solutions.

Discussing the investment AlphaPoint Co-Founder &. CEO, Igor Telyatnikov, said:

“This capital injection enables AlphaPoint to continue delivering on our mission to enable access to digital assets globally. We are still in the early days of adoption and utilization of blockchain technology. Stay tuned in 2020 as we will soon announce the release of a series of new liquidity, leverage, and lending products and solutions to our customers.”

Since launching in 2013, AlphaPoint has attracted a total of $23.9m in investment, including $15 million from Galaxy Digital Ventures in 2018.

New appointments

The company has also announced the appointment of Tim Scheve, President and CEO of Janney Montgomery Scott, and Jan Mayle, founder and CEO of The Mayle Group, to its board of directors and advisory board.

Commenting on his appointment, Sheve said:

“Blockchain and other emerging technologies have the potential to substantially change aspects of financial services. After personally observing advancements in these technologies for some time, I’m excited to engage more directly with Igor and the team at AlphaPoint to understand their impact on our industry.”

All original content featured on this site is © Pentagon Digital Limited, 2020.