Ayon Capital led the funding round and will join the board of CoinRoutes
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MIAMI, March 18, 2022 (GLOBE NEWSWIRE) – CoinRoutes, a leading algorithmic trading platform for digital assets, has completed a $ 16 million Series B funding round, led by Ayon Capital. Ayon Capital CIO Rahul Pagidipati, co-CEO of Zebpay and board member of Brave Browser, will join the board of CoinRoutes. The funding round includes investments from Susquehanna International, Cboe Global Markets, Celsius, CMT Digital, Genesis Global Trading, Galaxy Digital, Arca, Mirana Ventures (venture partner of Bybit and BitDAO), GSR Markets, AscendEX and others.
CoinRoutes began operating in 2017 and has been providing SaaS trading technology for pure-play cryptocurrencies to the institutional community for over five years. The provision of the tools – algorithms, market access, TCAs and market data – required by active and quantitative cryptocurrency traders is possible thanks to the management team’s extensive experience in creating trading and investment platforms.
“Our clients earn more from trading, net of fees, using CoinRoutes. Our algorithms were built from the ground up for the unique cryptocurrency market structure, leverage terabytes of market data collected every day, and evolved on the five-year foundation of deep learning, “said Dave Weisberger, CEO and co-founder of CoinRoutes. “We are focused on helping our clients get the best execution. The result is that they capture significantly more alpha from their operations.”
“If you want high-performance algorithms, you can forget about using a TradFi multi-asset system that has been adapted for cryptocurrencies,” said Ian Weisberger, CTO and co-founder. “Our algorithms are built specifically for the unique complexities of the cryptographic ecosystem.”
“If you run market-neutral portfolios or spot trades against futures to capture the spread, you will need a very high throughput environment to mine your alpha,” said Michael Holstein, CRO. “We provide everything you need.”
“CoinRoutes allows us to efficiently and securely manage large positions for multiple traders on any exchange,” said Wes Hansen, Head of Trading Operations at Arca. “The algorithms and operating system they developed have been integral to how we trade digital assets, with a solution for everything from small illiquid markets to large BTC operations across multiple OTC desks.”
“We are thrilled not only to be an investor in CoinRoutes, but also to be a client,” said Dean Carlson, Head of Digital Asset Investments at Susquehanna. “We looked at other commercially available cryptocurrency trading systems and decided that CoinRoutes offers the best algorithms and market access for our current needs.”
“We are delighted to build on our relationship with CoinRoutes which began in 2020 with our licensing agreement – allowing Cboe to disseminate CoinRoutes RealPrice market data – also creating the opportunity to develop digital asset indices and offer creation and Custom Index Calculation, at Cboe’s This investment in CoinRoutes will strengthen the partnership between our companies and help Cboe further grow its presence in the digital assets space, “said Catherine Clay, Executive Vice President, Global Head of Data and Access Solutions, Cboe Global Markets.
“CoinRoutes’ unique ability to efficiently execute transactions in the cryptocurrency landscape has been critical to the growth of this asset class in traditional institutions,” added Sam Hallene, investor at CMT Digital. “We are thrilled to support the CoinRoutes team as they continue to enhance their suite of algorithmic trading and data analytics solutions.”
“Genesis has been a longtime user and supporter of the CoinRoutes trading platform,” said Michael Paleokrassas, Co-Head of Trading and Lending at Genesis. “We are thrilled to see the team’s commitment to bringing greater transparency and efficiency to the market.”
“Celsius is a big supporter of CoinRoutes and we are happy to support them in this round. We are particularly impressed with CoinRoutes’ ability to provide efficient execution through their intelligent order liquidity routing using proprietary algorithms,” said Alex Mashinsky, CEO of Celsius.
“It is very rare to find a team with such deep technical talent, a knowledge of financial markets and a passion for cryptocurrencies. They identified the initial need for institutional cryptocurrency trading software five years ago and continue to function today,” he said. stated Rahul Pagidipati, CIO of Ayon Capitale. “We are thrilled to work with the CoinRoutes team on products and services that provide synergies with our other investments in the digital arena.”
CoinRoutes was founded in 2017. It was built from the ground up to manage the unique market structure of cryptocurrencies as a leading provider of algorithmic trading strategies and execution management systems. Today, the company consolidates market data and offers algorithmic trading for over a thousand spot and derivative instruments from over 50 major exchanges and liquidity providers 24/7. Patent-pending distributed architecture enables customers to maintain control over their wallets and keys. Customers use CoinRoutes because they make more money by trading cryptocurrencies. For more information, visit http://coinroutes.com/.
The management team:
~ CEO Dave Weisberger has over 30 years of quantitative trading experience, directing quantitative equity trading at Citigroup, founding the market-making business for Two Sigma Securities, and serving as the global head of the stock market structure for IHS Markit.
~ CRO Michael Holstein was an early employee of Lava Trading, trading over 1 billion US stock volume daily and negotiating a successful exit from Citigroup in 2005. Michael has extensive professional experience in fintech, working for over 20 years in algorithmic trading at BofA, JPMorgan, Citigroup and Virtu.
~ CTO Ian Weisberger, a cryptocurrency enthusiast since the age of 20, originally started his first venture – a web hosting business – at the age of 14. Ian worked at several tech startups before moving to Wall Street in 2016 and founding CoinRoutes.
Press contact: Nima Olumi CEO of Lightyear Strategies – email@example.com
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