Even as retail traders flee the crypto markets amid plummeting prices, large financial institutions continue to lean into digital assets. That’s positioned STS Digital, a Bermuda-based startup that caters towards institutional investors, to benefit, and it’s raised $30 million to expand its offerings despite the crypto downturn.
STS Digital lets deep-pocketed traders buy and sell crypto options. The company is also an options market maker, meaning that it takes the other sides of trades to add liquidity to asset pools. The venture outfit CMT Digital led the startup’s fundraising round. Other participants include the crypto exchange Kraken, the venture firm Arrington Capital, and an investment arm of Fidelity. Maxime Seiler, cofounder and CEO of STS Digital, declined to specify at what valuation his startup raised its capital.
