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