OrBit Markets Gets Funding for Growth
Posted by Colin Lambert. Last updated: August 9, 2022
Crypto options and structured products liquidity provider OrBit Markets, has raised $4.6 million in funding from a group led by Matrixport, a digital assets financial services ecosystem, with participation from Brevan Howard Digital, New Form Capital, Maven 11 and Westridge Markets.
Founded this year by a team of former Deutsche Bank FX alumni, OrBit has built quantitative models and risk engines which allow it to provide liquidity across the entire spectrum of option products from basic vanilla options to the most exotic structures. In partnership with CeFi platforms and DeFi protocols, OrBit has launched a number of products addressing growing demand for safer investing and hedging solutions following the recent market turmoil.
The firm says that as the digital assets market evolves, more investors and DeFi users are exploring advanced options strategies for investment and yield enhancement, but few market makers are able to provide liquidity in these complex products. Even in traditional finance, such capabilities are concentrated in the hands of a few global investment banks. OrBit says the funding will be used to accelerate the development of the company’s proprietary technologies, while enabling it to expand its business footprint.
“As the environment continues to mature and institutionalise, we see a unique opportunity to bring our business and product know-how to the digital assets market,” says Caroline Mauron, CEO and co-founder of OrBit. “Through the backing of our prominent and diverse investors, we will use the funds to scale our client base and product offerings.”
John Ge, co-founder and CEO of Matrixport, adds, “Matrixport is a pioneer in bringing to the market new structured products as part of its crypto asset management offerings. As a strategic partner, OrBit’s deep domain expertise in quantitative finance will enable us to continue to drive innovation and accelerate adoption of digital assets,”
Meanwhile, Colleen Sullivan, co-head of venture investments at Brevan Howard Digital, says, “Brevan Howard Digital is excited to partner with OrBit and their highly experienced team as they bring exotic structured products to the nascent crypto derivatives market.”