Switzerland based crypto native technology start-up Portofino Technologies has announced that its UK subsidiary Portofino Technologies UK Ltd has been successfully listed as a Registered Cryptoasset Firm with the UK’s Financial Conduct Authority (FCA), enabling the business to trade cryptocurrencies with institutional investors in the UK.
Portofino Technologies was founded by former Citadel Securities executives Alex Casimo (pictured at top left) and Leonard Lancia (top right) and is backed by $50 million in VC funding. (Lancia and Casimo remain in a legal battle with Citadel, which claims that they started fundraising and working on Portofino before leaving.)
Since its inception, Portofino Technologies, a crypto-native high frequency trading firm, has focused on building a product to provide liquidity on the largest cryptocurrency exchanges. The company said that Portofino Technologies’ OTC business has grown considerably in recent months, and provides its institutional clients with the most competitive prices and deep liquidity across hundreds of tokens. As an FCA-registered firm, Portofino is now in a prime position to grow its client franchise further both in the UK and globally.
With the FCA registration, Portofino Technologies can now trade directly with major banks, trading platforms, brokers, institutional investors, as well as blockchain projects and treasuries in the UK who seek to invest in digital assets, under robust compliance and risk management controls.
Joining the handful of cryptocurrency firms obtaining an FCA registration in the UK signals major recognition of Portofino Technologies’ commitment to the highest operating standards, and places Portofino Technologies at the forefront of the maturing institutional crypto industry.
Alex Casimo, Co-founder & Chief Operating Officer, Portofino Technologies, says:
“Receiving the FCA’s approval to operate as a cryptoasset trading firm in the UK is a significant milestone for Portofino Technologies, which will allow us to expand our institutional client base. After having successfully built our product for on-exchange trading, Portofino sees the growth of its client franchise as a significant profit driver for the company in the coming years. With this latest certification, Portofino Technologies is now registered to provide OTC services in both the UK and Switzerland, solidifying our position as one of the most regulatory compliant cryptocurrency market makers globally.”
Celyn Armstrong, General Counsel and Head of Compliance, Portofino Technologies, says:
“The FCA rightly sets a high bar for cryptoasset firms seeking registration, and we are proud to have successfully demonstrated our strong and sophisticated compliance controls. Our traditional finance and digital asset clients alike can have full confidence that we are committed to stringent regulatory compliance and risk management standards.”
About Portofino Technologies
Founded in 2021, Portofino Technologies is a Switzerland-based market making liquidity provider at the centre of the cryptocurrency ecosystem. Its in-house technology underpins the digital asset economy through a highly scalable and performant high-frequency trading infrastructure. As of 2023, Portofino raised $50 million from investors including Coatue Management, Valar Ventures and Global Founders Capital.
