PayPal-backed cryptocurrency firm Talos has received new funding from companies such as Stripes, Citi, BNY Mellon and Citi.
Talos, a PayPal-backed cryptocurrency company, is now the latest unicorn in the sector. It has reached a valuation of $1.25 Billion after receiving new funding.
According to a May 10 announcement, Talos raised $105 Million in Series B funding led by General Atlantic, a major global equity firm.
This funding will allow Talos to expand its digital asset platform that is institutional-grade and help the firm expand into Europe and the Asia-Pacific region.
Major firms from both traditional and crypto finance participated in the raise, including Ken Fox’s private capital firm Stripes and Citi, Wells Fargo Strategic Capital and investment firms such as DRW, SCB 10x and SCB 10x. Voyager was also included.
Jason Vitale, BNY Mellon global FX head, stated that this investment was the latest example BNY Mellon’s commitment to digital assets. He also said that BNY Mellon was among the new advisors to Talos’ Strategic Investor Forum, which works on creating institutional solutions for crypto market.
Additionally, existing investors in Talos’ $40 series A round were involved. This round closed May 2021.
Anton Katz, Talos CEO and co-founder, said that funding is an important indicator of growing institutional adoption.
“This funding round is a significant inflection point for our industry. We have known for a long time that the institutions are coming. We are proud to be the preferred digital asset trading platform for top institutions all over the globe.
Talos, a provider of infrastructure technology for the cryptocurrency industry that was founded in 2018, offers services such as trading, settlement, and other.
According to Talos’ website, the company’s partner base includes a variety of crypto exchanges such as Binance, Coinbase, and FTX as well as FX platforms and over-the-counter desks. Talos claims that its institutional trading volumes grew 20x year-over-year between May 2022 and 2022.