Nonco Raises $10 Million in Seed Funding to Accelerate Institutional Crypto Brokerage Growth

quick take

Institutional digital asset brokerage Nonco has secured $10 million in a seed funding round led by Valor Capital Group and Hack VC. Other notable investors also participated, including Morgan Creek Digital and Bullish. Nonco aims to use the capital to meet growing institutional demand in the Americas and establish itself as a leading brokerage firm for digital assets with an emphasis on technology, services and compliance. Nonco has seen rapid growth since its launch in April, achieving transaction volume of approximately $6 billion. The company’s non-custodial approach and experienced leadership team positions it as a strong competitor in this space.

Institutional cryptocurrency brokerage Nonco secures $10 million seed round led by Valor Capital Group and Hack VC

In a bold move to disrupt the institutional digital asset brokerage landscape, Nonco, an emerging player in the cryptocurrency space, announced that it has successfully closed its seed funding round, raising a total of $10 million in new capital. This funding round, which is a mix of equity and convertible bonds, was led by Valor Capital Group and Hack VC, with notable participation from leading industry players including Morgan Creek Digital, Bullish, CMCC, Lvna Capital, Theta Capital, Bastion Trading, and Libra Capital Ventures. . and other famous investors. Nonco plans to deploy this new capital to further its expansion efforts in response to surging institutional demand in the Americas.

Taking its name from Nonconformist, Nonco aims to establish itself as the premier brokerage firm for digital assets. The company is committed to pioneering new standards that put technology and services at the forefront while maintaining rigorous institutional risk management and compliance standards.

Nonco’s initiatives include: CEO Fernando Martinez, former Managing Director of OSL with almost 10 years of experience in cryptocurrency and startups. Martinez expressed the company’s vision by saying, “We want to make a statement, and it starts with our name, Nonco.” Our goal is to become the leading brokerage firm for digital assets, and we aim to achieve this by setting new standards that prioritize technology and service while ensuring institutional risk management and compliance.”

Nonco’s unique value proposition lies in its approach to a non-custodial model that leverages risk-mitigated settlement mechanisms from multiple counterparties. Since launching in April, the company has executed approximately $6 billion in transaction volume and boasts an impressive average monthly growth rate of 65%. Nonco’s product portfolio spans spot, funding, derivatives and structured products, positioning Nonco as a strong competitor in the global digital asset brokerage landscape.

Commenting on the company’s potential, Alex Pack, co-founder and managing partner of Hack VC, said: “Over the past 10 years of focusing on digital assets, we have seen many players come and go. The Nonco team has a proven track record of successfully navigating numerous market cycles and adapting to the ever-evolving cryptocurrency regulatory framework.”

Nonco’s leadership team combines extensive experience across cryptocurrency and traditional finance. The team includes Caue Teixeira, CTO and former partner at low-code capital markets fintech Genesis Global; Guilherme Rebane, Partner and Head of Strategy, Brazil, with over 7 years of experience in cryptocurrency and over 20 years of derivatives trading experience. Jeffrey Howard, Managing Director and Head of Americas, former Head of Americas Futures and Options at Merrill Lynch, and Global Head of RBS Prime Brokerage.

Brian Brooks, Valor Capital Group and Partner Advisor at O’Melveny & Myers, added: “Given our extensive knowledge and experience with both cryptocurrencies and institutional TradFi, the Nonco team is well suited to explore and capitalize on this growing institutional interest. Digital assets in the US and Latin American markets. “We are excited to support Nonco in its next phase of growth.”

The addition of Brian Brooks and Alex Pack to Nonco’s Board of Directors further solidifies its strategic position in the digital asset space. Brian Brooks, often referred to as “the first fintech auditor,” previously served as Comptroller of the Currency and Chief Legal Officer at Coinbase. Alex Pack, on the other hand, was the co-founder and managing partner of Dragonfly Capital and played a pivotal role in launching the cryptocurrency business at Bain Capital Ventures.

Nonco’s creation stems from a spin-off of OSL Digital Limited, the Americas division of Hong Kong-based digital asset platform OSL, Asia’s leading OTC brokerage. The new venture maintains continuity with the same team while retaining a minority stake in OSL.

As Noncos continue to gain momentum and funding, the institutional digital asset brokerage space is poised for serious disruption. With its combination of experience, innovation and willingness to be nonconformist, Nonco appears poised to carve out a unique position in this rapidly evolving sector.

Also read: Why does every bank need a cryptocurrency asset strategy?