Crypto trading platform closes $2 million seed round backed by Naval Ravikant, AngelList

Crypto trading platform provider Floating Point Group has closed a $2 million seed funding round from a group of investors that includes MetaStable Capital founder Naval Ravikant and AngelList.

The funding round, announced Thursday, also drew support from BoxOne Ventures, Seabury Global Markets, and Algorand CEO Steve Kokinos, among others.

FPG will use the funds to build out its engineering team and fund the acquisition of "regulatory licenses in the U.S. to broaden the jurisdictions it can serve."

News of the funding was previously reported by Forbes, which covered the company – formed at the Massachusetts Institute of Technology – back in April.  

The firm's press release draws attention to its goal of "bring[ing] prime brokerage to quantitative traders." In doing so, FPG is drawing a connection between its offering and the burgeoning number of companies in the industry that seek to serve as a go-between for institutional companies and the crypto markets they wish to access.

The prime broker race saw notable developments this week, with Coinbase's announced acquisition of Tagomi and BitGo's launch of BitGo Prime.