Cryptocurrency primary market dealer Arbelos completes $28 million financing, led by Dragonfly

2024-05-08 20:11:41

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ChainCatcher news, according to Fortune, Arbelos has completed a $28 million financing round, led by Dragonfly, with participation from FalcolnX, Circle, Paxos, Polygon, and Deribit. Arbelos Markets will primarily focus on derivatives and over-the-counter trading for institutional participants, providing trading liquidity for companies such as hedge funds and venture capital firms, acting as a counterparty for popular products like options and futures. This financing round concluded in mid-2023.

It is reported that the two co-founders, Lim and Tang, both started their careers in traditional finance before transitioning to cryptocurrency. Lim served as the Vice President of Trading at Circle and was responsible for trading strategies at Galaxy Digital, the commercial bank founded by Mike Novogratz, before becoming the Head of Derivatives at Genesis Global Trading, a subsidiary of Barry Silbert's crypto empire. Since 2017, Tang has been the Chief Investment Officer and Managing Partner at LedgerPrime, a cryptocurrency hedge fund acquired by FTX.

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