Cryptocurrency prime broker Membrane Labs has secured $20 million in a Series A funding round, with significant contributions from major players such as Brevan Howard Digital, Point72 Ventures, and Jane Street.
The company aims to foster stronger over-the-counter (OTC) trading activity by addressing the sector’s technological shortcomings and elevating crypto institutions to match, if not surpass, the operational capabilities of counterparts in traditional financial markets, Membrane said in a statement.
The Series A funding round also saw participation from prominent entities like Flow Traders, QCP Capital, Two Sigma Ventures, Electric Capital, Jump Crypto, GSR Markets, Belvedere Trading, and Framework Ventures. In the wake of last year’s upheavals in multi-billion dollar crypto trading and lending platforms, the need for transparency and risk management has become paramount.
“We are delighted with the successful completion of this round,” said Carson Cook, CEO of Membrane. “We originally set out four years ago to build the complex infrastructure that would facilitate frictionless crypto transactions for financial institutions, and our success to date shows how much appetite there is for our platform.”
Membrane Labs initially focused on constructing a clearing, netting, and settlement engine, allowing institutions the flexibility to choose custody options for their funds, whether through traditional custodians or multi-party computation (MPC) wallets.
