Jump Trading Group Raises $350 Million and Launches Crypto Division
- Part of the investment will be used to launch Jump Crypto, a team of over 80 experts focused on blockchain and cryptocurrencies.
- Jump Crypto will take a more active role in blockchain development and engage in crypto trading and other market-making activities.
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Jump Capital, a subdivision of the Jump Trading Group, has raised $350 million in its latest funding round held this month. The fund attracted 167 investors, Forbes reported, with many re-upping from prior raises that took place in 2019.
A significant part of the funds raised will be used to launch Jump Crypto, a dedicated team of talent and resources focused on the growth and development of blockchain and cryptocurrencies. According to a press release published on 14 September, Jump Crypto will take an active role in building software infrastructure and tooling for blockchain ecosystems. Aside from that, the new division will also actively trade cryptocurrencies and participate in other market-making activities.
Kanav Kariya, the newly-appointed President of Jump Crypto, said that Jump Trading has spent decades focused on building the infrastructure for high-performance systems and technologies. The company plans on bringing that experience to the blockchain industry and meaningfully contribute to the widespread adoption of cryptocurrencies.
Jump Trading has contributed to project such as the Pyth network, an oracle for real-time on-chain market data, and Wormhole, a blockchain interoperability protocol. Kariya said that DeFi applications like the Pyth network have the potential to enable product models that stretch far beyond the realms of traditional financial systems, which is why the company decided to participate in the industry in a more direct way.
Blockchain is often hailed as a revolutionary technology set to redefine the digital landscape. While much of the attention is centered around cryptocurrencies and decentralized applications (dApps), the unsung heroes powering this innovation are the servers and infrastructure that maintain the network. At the heart of every blockchain network lies a complex ecosystem of nodes, […]
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