Paradigm, OTC derivatives platform for institutions, closes $35 million Series A

The over-the-counter platform for institutional investors Paradigm has closed a Series A funding round of $35 million, valuing the company at $400 million. The round was led by Jump Trading and Alameda Research.

🎉 We are very excited to announce the closing of our Series A co-led by @jumpcapital and Alameda Ventures!

➡️ https://t.co/kCC4IxIt4j

— Paradigm (@tradeparadigm) December 9, 2021

Funding also came from Genesis Trading, QCP Capital, Nexo, Optiver US, IMC, GSR, Akuna Capital, Babel Finance, MGNR, Avon Ventures, CMT Digital, Dragonfly Capital, Digital Currency Group, Vectr Fintech Partners, Mirana Ventures, as well as top executives from Goldentree Asset Management and Amber Group.

According to the company, trading volume on its platform over the year grew fourteenfold, reaching $10 billion on a monthly basis. The partner network expanded to 600 institutions.

“The funds will allow us to expand our product line and partner network in the form of institutional traders, Bitcoin exchanges and DeFi-protocols”, said Anand Gomes, co-founder and CEO of Paradigm.

The platform offers spread- and combination-oriented order books, futures-spread matrices, and loan interest-rate curves.

Paradigm does not charge fees and does not custody assets, linking counterparties directly.

For clients, standardized tools to automate documentation for approving and executing complex strategies via a single atomic transaction are available.

As reported, the cryptocurrency platform Crypto.com entered into an agreement to acquire two U.S. derivatives exchanges from IG Group Holdings.

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