Monday, October 18, 2021

Makor Group Raises Funds at $ 200 Million Valuation to Expand Cryptocurrency Brokerage

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Makor’s new strategic partners include Algorand, a blockchain organization, and British billionaire Alan Howard, who both invested in the round. The company said it has also formed strategic partnerships with unnamed asset managers in the United States. In addition, Algorand’s CEO Steven Kokinos has joined Makor’s board. The press release did not specify how much money had been raised, but a person close to the firm said it had secured $17 million in equity capital. 

Makor said in its press release that it plans to take advantage of Algorand’s blockchain expertise to build and distribute digital assets, with a view to helping institutions access crypto products.

Some of the cash will be used to expand Enigma Securities, Makor’s crypto brokerage subsidiary, which has recorded monthly trading volumes of more than $2 billion over the course of 2021. The funds will also be used to help Makor expand internationally and for acquisitions.

“We are witnessing an unprecedented shift in our industry powered by technology and innovation. Over the past year, the exceptional growth in our digital asset division has clearly demonstrated that we are at the forefront of this trend,” said Michael Halimi, co-founder and CEO of Makor, in a statement. 

Building a crypto empire

Former Brevan Howard boss Howard has been pouring vast sums of capital into the crypto sector in 2021. He has invested in a bevy of crypto startups, including Copper, Bullish Global, Bottlepay and Ledn, as well as in Dan Tapiero’s 10T fund and One River Digital Asset Management. 

Howard also owns a software business named Elwood Technologies, which helps banks and fintech firms to access crypto liquidity through an API.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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