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Robinhood is putting money into the cryptocurrency trading platform Talos, which has a valuation of $1.5 billion.
The $45 million Series B extension also features participation from new strategic investors including Sony Innovation Fund, IMC, QCP, and Karatage.
Robinhood is putting money into the crypto trading platform Talos, which is valued at $1.5 billion. (CoinDesk)
Key points:
- Robinhood is investing in Talos as part of an extended Series B funding round, which values the company at approximately $1.5 billion.
- Talos offers institutional-quality crypto trading infrastructure, catering to hundreds of clients worldwide and asset managers with around $21 trillion in AUM.
- This funding round underscores the rising demand for crypto market infrastructure, as Robinhood enhances its blockchain strategy and Talos continues to grow through mergers and acquisitions.
Robinhood (HOOD) is making an investment in Talos, an institutional trading technology provider for digital assets, during an extended Series B funding round that appraises the New York-based firm at roughly $1.5 billion.
Initially, Talos secured $105 million in a Series B funding round in May 2022, which valued the company at $1.25 billion. The recent extension increases the total amount raised in its Series B to $150 million, according to a press release issued on Thursday.
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“We expanded our Series B round to meet the interest from strategic partners who acknowledge Talos’s significance in delivering essential institutional infrastructure for digital assets. As traditional asset classes increasingly transition to digital platforms, these partners aimed to align more closely with our growth,” stated Anton Katz, CEO and co-founder of Talos, in comments sent via email.
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New strategic investors joining the extended round include Robinhood Markets, Sony Innovation Fund, IMC, QCP, and Karatage, alongside returning investors a16z crypto, BNY, and Fidelity Investments.
“Talos’s adaptability and swift responsiveness enable us to enhance our liquidity and offer even more sophisticated features to Robinhood Crypto users,” remarked Johann Kerbrat, SVP and GM of Crypto at Robinhood, in the release.
Robinhood is broadening its presence in crypto and blockchain infrastructure as part of its comprehensive expansion strategy.
The company is constructing its own blockchain network based on Arbitrum and has launched tokenized stock trading and other crypto offerings in Europe, along with new staking and perpetual futures products, indicating a move toward crypto-native finance. It has also experienced significant growth in sectors such as prediction markets and has recently reported increased trading volumes and product engagement alongside these strategic investments.
Talos is a cryptocurrency trading technology firm that develops institutional-grade infrastructure to support the entire digital asset trading lifecycle for professional investors, brokers, and banks. Its platform aggregates liquidity from exchanges, over-the-counter (OTC) desks, and prime brokers, providing institutions with tools for trade execution, risk management, and post-trade settlement through a unified interface or API.
It boasts hundreds of clients across approximately 35 countries, with traditional finance firms accounting for 60% to 70% of new customers in the past year. Asset managers utilizing Talos’s platform collectively manage about $21 trillion in assets, as shared by CEO Anton Katz during a client call with investment bank Jefferies in November.
The firm’s Series B in 2022 was led by General Atlantic, including participation from companies such as BNY, Citi (C), Wells Fargo Strategic Capital, and DRW Venture Capital, along with crypto-focused investors like SCB 10x and LeadBlock Partners. Existing investors, including Andreessen Horowitz, PayPal Ventures, Fidelity Investments, and Castle Island Ventures, also took part in the round.
Talos has been actively acquiring companies, most recently purchasing Coin Metrics for over $100 million, which brought in its on-chain analytics, market data, and benchmark indexes as the largest deal to date. Prior to this, it acquired D3X Systems, Cloudwall, and Skolem as part of its wider growth strategy through mergers and acquisitions.
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