Crypto market maker Byte Trading raises $7 million in seed funding

Sharing the news exclusively with The Block on Tuesday, Byte Trading said Switzerland-based venture capital firm Redalpine, which is anpopular startups such as Robinhood and N26, led the round. Other investors in the round included Possible Ventures, L1 Digital, and D4 Ventures.

This was an equity funding round and will help Byte Trading expand its team, integrate more exchanges, and grow its assets under management by 50 times within this year, said Vacikar. Many crypto market makers come from a background in traditional finance, said Vacikar. But since crypto markets behave differently from traditional markets because they are driven by more forces than just the order book, such as momentary sentiment, they require a different approach, according to Vacikar.

Byte Trading plans to remain focused on crypto derivatives, said Vacikar, when asked if the firm plans to support spot markets as well.

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