ChainCatcher news, according to CoinDesk, Switzerland-based cryptocurrency market maker Portofino Technologies received approval from the UK's Financial Conduct Authority (FCA) earlier this year to serve institutional cryptocurrency clients in the UK. However, in recent months, the company has experienced significant employee turnover following the dismissal of its co-founder and chief financial officer.In July, Portofino's chief operating officer and co-founder Alex Casimo and chief financial officer Jae Park were both fired. This subsequently triggered the resignations of strategic and operations head Vincent Prieur, global business development head Shane O'Callaghan, and a large number of the company's employees.Insiders revealed that since the dismissal of these two executives, 10 to 12 people have left or are in the process of leaving, accounting for 30%-40% of the company's total workforce at that time.

According to ChainCatcher, The Block reported that crypto market maker Portofino Technologies, founded by former Citadel Securities executives Leonard Lancia and Alex Casimo, has completed a $50 million funding round, with participation from Valar Ventures, Global Founders Capital, and Coatue.Portofino Technologies was established in April 2021 and is developing high-frequency trading technology for digital assets, having already executed billions of dollars in trades across CEX, DEX, and OTC markets. The company is reportedly set to compete with other cryptocurrency market makers such as Wintermute, B2C2, and Jump Trading. (The Block)