CoinRoutes Raises $16 million Series B to Bring Market Leading Algorithmic Crypto Trading Platform to Institutional Investors
Ayon Capital led funding round and will join CoinRoutes’ board
CoinRoutes, a leading algorithmic trading platform for digital assets, has completed a $16mm Series B funding round, led by Ayon Capital. The CIO for Ayon Capital, Rahul Pagidipati, Co-CEO of Zebpay and Board Member for Brave Browser will join the CoinRoutes Board. 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 operations in 2017, and has been providing the institutional community with pure-play crypto SaaS trading technology for over five years. Delivering the tools – algorithms, market access, TCA and market data – that active and quantitative crypto traders require is made possible because of the management team’s extensive experience building trading and investment platforms.
“Our clients make more money trading, net of fees, by using CoinRoutes. Our algorithms were built from the ground up for crypto’s unique market structure, leverage terabytes of market data collected daily, and have evolved based on five years of deep learning,” said Dave Weisberger, CEO and Co-Founder of CoinRoutes. “We are laser-focused on helping our clients achieve best execution. The result is they capture significantly more alpha from their trades.”
“If you want high performing algorithms, you can forget using a TradFi multi-asset system that was retrofitted for crypto,” said Ian Weisberger, CTO and Co-Founder. “Our algorithms are purpose-built for the unique intricacies of the crypto ecosystem.”
“If you run market neutral portfolios or trade spot versus futures to capture spread, you’ll need a very high throughput environment to extract your alpha,” said Michael Holstein, CRO. “We provide everything you need.”
“CoinRoutes allows us to efficiently and safely manage large positions for multiple traders across any exchange,” said Wes Hansen, Head of Trading Operations at Arca. “The algorithms and operating system they’ve developed have been integral in how we trade digital assets, with a solution for everything from tiny illiquid markets to large BTC trades across multiple OTC desks.”
“We’re excited to not only be an investor in CoinRoutes, but to be a client,” said Dean Carlson, Head of Digital Asset Investments at Susquehanna. “We reviewed other commercially available crypto trading systems and decided that CoinRoutes offers the best algorithms and market-access for our current needs.”
”We are pleased to build upon our relationship with CoinRoutes that began in 2020 with our licensing agreement – enabling Cboe to disseminate CoinRoutes’ RealPrice market data – while also creating the opportunity to develop digital asset indices and offer custom index creation and calculation, to Cboe’s clients. This investment in CoinRoutes will strengthen the partnership between our companies and help Cboe further grow its presence in the digital asset space,” said Catherine Clay, Executive Vice President, Global Head of Data and Access Solutions, Cboe Global Markets.
CoinRoutes unique ability to efficiently execute trades across the crypto landscape has been fundamental to growth of this asset class across traditional institutions,” added Sam Hallene, Investor at CMT Digital. “We are thrilled to be supporting the CoinRoutes team as they continue to enhance their suite of algorithmic trading solutions and data analytics.”
“Genesis has been a user and supporter of CoinRoutes’ trading platform for a long time,” said Michael Paleokrassas, Co-Head of Trading and Lending at Genesis. “We are excited to see the team’s commitment to bringing additional transparency and efficiency to the market.”
“Celsius is a big supporter of CoinRoutes, and we are happy to back them in this round. We are especially impressed with CoinRoutes’ ability to provide efficient execution via their smart order liquidity routing using proprietary algorithms, ” said Alex Mashinsky, CEO Celsius.
“It’s very rare to find a team with such deep technical talent, knowledge of financial markets, and passion for crypto. They identified the early need for institutional crypto trading software five years ago and continue to execute today.” said Rahul Pagidipati, CIO of Ayon Capital. “We are excited 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 handle the unique market structure of crypto-assets 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 fifty major exchanges and liquidity providers 24/7. The patent pending distributed architecture allows clients to keep control over their wallets and keys. Clients use CoinRoutes because they make more money trading crypto. For more information, please visit http://coinroutes.com/.
The Management Team:
~CEO Dave Weisberger has over 30 years experience in quantitative trading, directing quantitative equity trading at Citigroup, founding the market making business for Two Sigma Securities, and serving as the global head of equity market structure for IHS Markit.
~CRO Michael Holstein was an early employee at Lava Trading, which traded over 1 billion shares of US equity volume daily, and negotiated a successful exit to Citigroup in 2005. Michael has extensive career experience in fintech, working for over 20 years in algorithmic trading at BofA, JPMorgan, Citigroup and Virtu.
~CTO Ian Weisberger, a crypto enthusiast since the age of 20, originally founded his first venture – a web hosting business – at the age of 14. Ian worked at multiple tech startups before moving to Wall Street in 2016 and founding CoinRoutes.