Digital asset trading platform SheeldMarket raises $10m

Institutional cryptocurrency platform SheeldMarket has raised $10m in Series A funding

Photograph of the SheeldMarket team                                 
The latest round of investment was sourced from both new and existing investors – Photo: SheeldMarket
                                

SheeldMarket, a cryptocurrency and digital asset trading platform for institutional investing, has raised $10m (£7.35m) in Series A funding, the company has revealed.

The round was led by London-based venture capital firm Atomico, with participation from Semantic Ventures as well as angel investors including Pascal Gauthier (CEO of Ledger) and Alexis Bonillo (Co-founder of Zenly). All existing investors also participated in the round. 

Atomico Investment Partner Siraj Khaliq will also join SheeldMarket’s board as part of the deal.

Disrupting institutional investing

Founded in 2019 by Oliver Yates (CEO), Arnaud Carrere (CTO), and Simon Douyer (COO), the Paris-based company aims to become the go-to for all cryptocurrency block trading by offering its services to a wide range of customers who can optimise their investments. Its clients range from hedge funds, fintech startups and DeFi fondations looking to embed crypto trading into their offering.

SheelMarket’s take on crypto trading differs to traditional platforms in that it positions itself as an “execution desk for any investor or trader looking to minimise crypto trading costs while maximising capital efficiency”, according to the company website.

The startup raised $1m in a seed round in 2020, and the recent Series A funding brings the total investment to $11m.

“This investment will enable us to continue scaling our prime broker services, as well as pushing into new product areas that will fully realise the potential of cryptocurrency trading,’ the company confirmed online.

“Our long term vision is to make financial services more accessible and efficient for every business, from SMEs to major funds. We believe that decentralised finance will be the foundation that allows us to provide cheaper services like loans or treasury placement on top of trading services.”

Further reading: Crypto risk management firm raises $60m in funding round

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