Crypto services provider Blockchain.com has set its eyes on the expansion of its institutional trading business following the acquisition of the OTC platform Altonomy.
Blockchain.com noted that the latest acquisition of the Singapore-based company will significantly expand its crypto OTC network around the globe.
Blockchan.com Gains More Institutional Investors
Altonomy was launched in 2018 by some of the top names in the blockchain industry. The platform has seen massive demand for its services over the past two months. Last year, it executed over $16 billion in OTC volume, with most of them coming from high-growth altcoins.
Altonomy offers liquidity for altcoins with integration to both centralized and decentralized finance (DeFi) liquidity protocols.
Vice President of Markets at Blockchain.com, Daniel Bookstabler, commented on the acquisition deal. He stated that there are more than a thousand clients across crypto projects, sophisticated investors, and funds. He said the acquisition deal means 26 team members from Altonomy will be integrated Blockchain.com. This will scale the platform’s product coverage, zone coverage, and expectation capabilities.
Blockchain.com Looks To Global Expansion
As more traders and investors enter the cryptocurrency space, Blockchain says it wants to meet the increasing demand for its services. This has prompted the company to seek more funds to accelerate its growth in different sectors across different regions. 12 months ago, Blockchain.com boosted its valuation to $5.2 billion after raising $300 million.
The expansion goals also mean the company will be boosting its executive team. Blockchain recently announced the appointment of Toney Sun as the Co-Head of Institutional Trading. The platform says Sun’s experience in the industry will be needed for the expansion of its global business.
Blockchain also made history in September 2022 after announcing that it has crossed $1 trillion in crypto transactions on its wallet product. The milestone is another reflection of the growing global adoption of Bitcoin and other cryptocurrencies.
Blockchain said its recent growth has been driven by increased activities of both retail and institutional investors, as well as from exchanges and brokerages.
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Source: https://insidebitcoins.com/news/blockchain-com-to-accelerate-growth-after-altonomys-acquisition