Nonco Secures $10 Million Seed Funding for Institutional Brokerage
Nonco, an institutional digital asset brokerage firm, recently closed its seed funding round, securing a substantial amount of $10 million in aggregate new capital. This funding round consisted of a mix of equity and convertible notes, and was led by prominent investors such as Valor Capital Group and Hack VC. Other notable participants included Morgan Creek Digital, Bullish, CMCC, Lvna Capital, Theta Capital, Bastion Trading, Libra Capital Ventures, and several other high-profile investors. In addition, Brian Brooks from Valor Capital Group and Alex Pack from Hack VC joined as board members. The newfound capital will be utilized by Nonco to further expand its operations and cater to the growing institutional demand in the Americas.
Under the leadership of CEO Fernando Martinez, Nonco aims to create a brokerage that seamlessly merges technology with exceptional service for institutions, corporates, and ECPs (Eligible Contract Participants).
The company provides its services through a non-custodial approach, employing multiple counterparty risk-mitigating settlement mechanisms. Since its launch in April, Nonco has successfully executed trading volumes reaching close to $6 billion, displaying an impressive average month-over-month growth rate of 65%. Its product offerings encompass spot, funding, derivatives, and structured products.
Nonco originated as a spin-off from OSL Digital Limited, the Americas division of Hong Kong-based digital asset platform OSL. As Asia's leading over-the-counter brokerage, OSL retains a minority stake in this new venture. The Nonco team comprises the same talented individuals from OSL's Americas division. The leadership lineup consists of CEO Fernando Martinez, former Managing Director at OSL; CTO Caue Teixeira, former Partner at low-code capital markets fintech Genesis Global; Partner and Head of Strategy and Brazil Guilherme Rebane; and Managing Director and Head of the U.S. Jeffrey Howard, who previously served as the Head of Americas Futures & Options at Merrill Lynch and the Global Head of Prime Brokerage at RBS.
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