Immix, a London startup providing crypto-trading infrastructure, has emerged from stealth with a $2.7m (£2.2m) seed round.
Founded in 2019 by two University College London (UCL) PhD students, Immix was first designed as a quantitative crypto hedge fund. However, after dealing with the costly and restrictive infrastructure required, the founding team was inspired to shift their focus to addressing that issue.
In its current form, Immix is a trading system for institutional investors. The company claims its platform is “ultra-low latency” compared with its alternatives.
Latency refers to the rate at which data is transmitted between online crypto traders. Latency is of particular importance to the crypto investment community due to the extremely volatile nature of cryptoasset value. Price swings take place in a heartbeat, which means traders operating with lower latency can gain an edge.
“We believe that a new approach to institutional crypto-asset trading infrastructure is required to unlock mass institutional adoption,” said Andrew Mann, co-founder of Immix.
“We at Immix are strongly positioned to continue enabling new scalability for institutional trading activities across the entire web3 ecosystem.”
The seed funding round was led by MassMutual Ventures and will be used to support further developments to Immix’s core trading platform.
“Fuelled by their next-generation financial technologies, Immix is tackling the critical challenges for institutional Web3 trading caused by restrictive and high-cost infrastructure,” said MassMutual Ventures managing partner Ryan Collins
“It gives those working in a dynamic and fast-moving market a competitive advantage.”
In June, MassMutual Ventures led the £11m Series A round of banking as a service company Griffin.