A new MIT agency established to help institutions get crypto trading technologies has received millions of dollars to support their mission.
Floating Point Group (FPG), a new agency for helping crypto traders grow their institutions received $2 million as support from different companies.
The donations made the FPG CEO, John Peurifoy to say this on May 28:
“It’s becoming clear that sophisticated quantitative traders and platform developers are viewing the cryptocurrency markets as an exciting new opportunity.”
The funds will be for expansion
Some of the contributions were received from Steve Kokinos of Algorand, Seabury Global Markets and Naval Ravikant who is the founder of AngelList. These contributors got some shares from FPG.
FPG aims at using the money realized to facilitate the approval of regulations and employ engineers.
FPG wants tech-based traders to succeed
MIT’s FPG was created to provide facilities to traders who would like to automate their trades. FPG’s link with several APIs is also an advantage to exploit by traders.
“As this market matures, we’ll continue to add critical pieces of the prime brokerage stack through innovations and strategic partnerships with other high quality groups to deliver a holistic experience that meets the technical requirements of algorithmic traders or other groups building trading applications.”
Peurifoy also made it known that FPG has already made support to the tune of $100 million since they started.
Apart from Peurifoy, Mike Alfred who is the CEO of Digital Assets Data also hinted that many people had come to him to show their interest in supporting their work. All these indicate a growing interest crypto trading and investment.