Talos announced a $105 million Series B funding round that values the company at $1.25 billion. The round was led by General Atlantic with participation from veteran investors in both the traditional finance and digital asset spaces. New investors included Stripes, BNY Mellon, Citi, Wells Fargo Strategic Capital, DRW Venture Capital, SCB 10x, Matrix Capital Management, Fin VC and Voyager Digital.
Talos is a provider of institutional digital asset trading technology. The platform has been developed since 2018, and the tech covers the full trade lifecycle for trading, settlement, and more via a single point of access. The company’s client base spans the entire digital asset ecosystem, from buy-side institutions to financial service providers, and includes broker-dealers, prime brokers, hedge funds, banks, OTC desks, custodians, exchanges and lenders. The funding will be used for product and workforce expansion.
Anton Katz, co-founder and CEO of Talos, said in a statement: “We believe that the digital assets infrastructure will have a wide-scale impact on the entire financial industry and ultimately, we will see traditional asset classes migrate to use this new technology as well.”
The funding comes on the heels of rapid growth for the firm, which has seen institutional trading volume explode over 20x year-over-year. The company intends to leverage this capital to scale and diversify the firm’s industry-leading institutional-grade digital asset platform that powers both buy-side and sell-side firms and seeks to accelerate Talos’s expansion into APAC and Europe. Additionally, the firm expects to expand its product lines to support the complete, end-to-end trade lifecycle and strengthen its powerful pre and post-trade tools.
“We believe the growth in digital assets is driving existing players and new entrants to seek out institutional-grade solutions. Talos provides enterprise grade order management, liquidity aggregation, algorithmic execution, reporting and compliance to market participants, which should allow for more efficient operations, better execution and lower total cost of ownership,” said Aaron Goldman, managing director and co-head of Financial Services at General Atlantic, in a statement. “Crypto market structure is still evolving, and Talos’ vision to build a comprehensive toolkit for market participants across CeFi and DeFi positions the company as a competitive disruptor.”
“This investment is the latest example of BNY Mellon’s commitment to the future of digital assets,” said Jason Vitale, global head of FX, Fixed Income and Equities at BNY Mellon, in a statement. “As a new advisor on Talos’ Strategic Investor Forum, I look forward to collaborating with the leadership team to help deliver resilient, comprehensive institutional solutions to the market.”