Crypto trading software provider CoinRoutes has raised $15 million in a Series B round that values the company at $70 million, its co-founder and CEO told Crypto Investor.
The round was led by a U.S. based-family office, Ayon. Dave Weisberger, the CEO, said the company is averaging about $6 billion of notional value traded through the platform a month, supporting over 1,000 product pairs, including spot trades and derivatives. The round was oversubscribed by a significant margin.
New Jersey-based CoinRoutes is profitable, taking in about $10 million in revenue each year.
“This was about the quality of the cap table as opposed to raising money, considering we’re profitable already,” Weisberger said.
CoinRoutes works with more than 50 exchanges and other liquidity providers, routing client orders toward best execution. The company works with some of the biggest hedge funds and other asset managers with sizable crypto holdings.
CoinRoutes clients already have accounts at crypto exchanges, with the company using its software to best route their orders between them.
The company essentially raised its seed round as a Series A, with Bitcoin Suisse taking a $3 million convertible stake in the company in 2019.
Crypto trading software provider CoinRoutes has raised $15 million in a Series B round that values the company at $70 million, its co-founder and CEO told Crypto Investor.
The round was led by a U.S. based-family office, Ayon. Dave Weisberger, the CEO, said the company is averaging about $6 billion of notional value traded through the platform a month, supporting over 1,000 product pairs, including spot trades and derivatives. The round was oversubscribed by a significant margin.
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