The Floating Point Group, which is a startup that delivers information to cryptocurrency traders, has managed to get $2 million in capital from several investors. It works for institutional traders who focus on automation technology. The CEO of Floating Point Group, John Peurifoy, said that it is becoming clear that platform developers as well as the top tier of big traders see cryptocurrency as an excellent opportunity and place to put their money.
In the May 28 statement, Peurifoy went on to say that the funding would be an expansion of what Floating Point Group already does. The investors who contributed to the Floating Point Group funding include Algorland, Seabury Global Markets, Angel List and others. Floating Point Group is a business that operates under the governing body of the United States of America. It has plans to put the funding toward getting approval for regulations and hiring more engineers.
Floating Point Group focuses on traders who want automation. The idea for the Floating Point Group came out of the Massachusetts Institute of Technology. It gives traders a hub for automating their trades within the laws of the United States. Floating Point Group works with APIs on this. The APIs allow traders to connect to different platforms and exchanges for making trades and converting the shares to liquid assets.
Peurifoy also said that as the market becomes more mature, Floating Point Group will add more parts through partnership and its own innovations. They plan to partner with other research groups in order to create a holistic experience for the trader. Floating Point Group wants to meet all of the technical requirements for algorithm-based trading.
Floating Point Group has already received $100 million in trading volume since it started. The comment from Peurifoy adds to the growth in interest for trading and investing in cryptocurrency. Digital Assets Data, which is a data analytics firm, recently issued a statement that it has had 20 people reach out to its CEO with interest in cryptocurrency investment and platform development. This will be a topic of interest to investors and regulators into the future.