BridgePort Secures $3.2 Million in Seed Funding for Crypto Infrastructure
BridgePort, a leading cryptocurrency over-the-counter (OTC) platform, has successfully raised $3.2 million in seed funding. The round was led by Further Ventures, an Abu Dhabi-based venture capital firm, with contributions from other notable investors.
The funds will help BridgePort expand its team and develop infrastructure to meet growing institutional demand. The platform aims to reduce exposure to exchanges by connecting investors directly to crypto assets. This eliminates the need for prefunding on exchanges, wich can be risky.
BridgePort also tackles credit and settlement risks through real-time messaging and collateral management. CEO Nirup Ramalingam views this funding as a important step toward solving capital inefficiencies in the crypto space.
Further Ventures’ Managing Partner, Mohamed Hamdy, sees BridgePort’s infrastructure as crucial for the future of crypto. He believes it will support the industry’s evolution as institutional interest grows.
OTC platforms like BridgePort are becoming popular among traditional finance institutions. They offer a safer way to engage in crypto without the risks associated with centralized exchanges. Recent crypto exchange hacks,such as the Bybit incident,have highlighted these risks.
BridgePort’s solution allows banks and corporations to participate in crypto markets more securely. This shift could lead to a new era in crypto market structure, making off-exchange settlements more common.
