BridgePort Secures $3.2 Million to Enhance Middleware for Off-Exchange Settlement

BridgePort Secures $3.2 Million in Funding to Scale Its Middleware Solutions

In a significant development for the cryptocurrency market, BridgePort has announced the successful completion of a $3.2 million funding round aimed at enhancing its middleware platform designed for off-exchange settlement. This investment is primarily intended to accelerate platform development and to broaden the team, responding to rising institutional demands for a more effective market structure in off-exchange settlements.

The funding was spearheaded by Further Ventures, a firm renowned for backing innovative financial solutions, and includes notable participation from industry giants such as Virtu, XBTO, Blockchain Founders Fund, Fun Fair Ventures, and Humla Ventures. This diverse backing underscores the trust these investors place in BridgePort's vision to streamline operations within the fragmented crypto ecosystem.

BridgePort offers a versatile and secure middleware solution that links various exchanges, custodians, and trading firms. Its platform simplifies capital allocation and facilitates post-trade processes, effectively minimizing the necessity for prefunding. In addition, it significantly mitigates credit and settlement risks through real-time messaging and coordinated collateral management, enhancing capital efficiency across the trading firms involved.

A Milestone in Capital Efficiency
Nirup Ramalingam, the CEO of BridgePort, expressed his enthusiasm regarding the funding, stating, "This backing from Further Ventures and our operational launch represents a crucial step in our quest to rectify capital inefficiency and manage prefunding risks within the cryptocurrency realm. We're deeply appreciative of our investors' faith in our mission to establish an institutional coordination layer for off-exchange crypto settlements, designed to better integrate the entire ecosystem."

Mohamed Hamdy, Managing Partner at Further Ventures, also praised BridgePort for tackling what he described as one of the most pertinent infrastructural deficiencies in the digital asset markets—prefunding and credit fragmentation across trading venues. He highlighted the exceptional expertise of BridgePort's team, stating they are uniquely equipped to create the necessary infrastructure to support scalable, off-exchange settlements.

Launching and Integrating
Currently, BridgePort's platform is live and operational on AWS, featuring integration capabilities through REST APIs and FIX protocols, in addition to tailored connectivity options. The company is actively onboarding exchanges and regulated custodians into its growing settlement network. Upcoming updates will further improve collateral management and enhance credit capabilities prior to trades.

BridgePort's fundamental goal revolves around establishing a transparent and cohesive framework that will not only support current trading operations but also propel the cryptocurrency market towards a more efficient and regulated future. As the digital asset space continues to evolve, initiatives like those from BridgePort are vital in addressing the inefficiencies that hinder widespread adoption and utilization of crypto assets.

About BridgePort
Founded by a group of seasoned professionals with years of experience in developing trading platforms for major traditional financial institutions, BridgePort aims to provide a robust middleware solution to tackle the fundamental issues of capital inefficiency, credit risk, and fragmented liquidity prevalent in today’s cryptocurrency markets. With the support of significant industry players, BridgePort is positioned to lead the charge in redefining the operational landscape of off-exchange settlements within the crypto ecosystem, ultimately paving the way for a more efficient and secure trading environment.