BridgePort has successfully completed a $3.2 million seed funding round led by Further Ventures.
Funding and Its Objectives
The funding will be directed toward enhancing the platform's infrastructure for the cryptocurrency market, particularly for developing off-exchange settlements. Notably, no significant fluctuations in major cryptocurrencies or related tokens have been observed.
Participants in the Funding Round
This significant funding round saw participation from strategic investors including Virtu, XBTO, and Humla Ventures. CEO Nirup Ramalingam stated: “BridgePort’s platform is now live in production on AWS and supports integration via REST APIs and FIX protocol as well as bespoke connectivity.”
Impact on the Crypto Industry
The funding underscores a strong interest from institutional investors in cryptocurrency market infrastructure. The involvement of reputable firms suggests confidence in BridgePort's vision, despite no direct impacts on specific crypto assets like ETH or BTC. In the long term, this initiative could lead to innovative advancements in settlement technologies and significantly shift market practices.
Thus, BridgePort, having secured funding, plans to develop its platform and promote broader adoption by institutional investors, which may influence regulatory perspectives and market practices in the future.
