Crypto startup Portofino Technologies has finalized the official release of its high-frequency trading platform for virtualassets, obtaining major capital injection from venture capital entities during the process. 

Specifically, amid the introduction of its platform, Portofino reportedly revealed that it successfully reeled in $50 million of financial support in equity funding from Valar Ventures, Global Founders Capital and Coatue. 

Despite the fact that Portofino has not provided the way the funding will be distributed, the firm has been displaying a proactive attitude when it comes to onboarding new talents, having recruited more than 35 employees throughout 5 international locations.

Portofino was established last year by former Citadel Securities employees Alex Casimo and Leonard Lancia. The firm focuses on designing crypto-centric high-frequency trading technology, which is primarily utilized by hedge funds. 

While the firm is only surfacing to the mainstream, it claims to have traded billions of dollars across centralized and decentralized crypto exchanges.

High-frequency trading (HFT) is reportedly a term used to describe automated trading platforms which are normally used by high-profile financial institutions to carry out large batches of orders at enhanced speeds. 

These platforms are dependent on complex algorithms to run analysis of market trends and trading opportunities which can be conducted in a matter of seconds.

On the crypto front, HFT strategies can now be carried out on decentralized exchanges (DEXs). Bearing some differences compared to centralized exchanges, DEXs provide an enhanced level of trading speeds and new arbitrage opportunities. 

Portofino’s HFT technology is looking to build on these capabilities by increasing access to liquidity.