BRAZIL – Nonco, an institutional digital asset brokerage firm, closed its seed funding round, received a total of $10m of aggregate new capital.
The round was a combination of equity and convertible notes, the round was led by Valor Capital Group and Hack VC. Other participants in the round include Morgan Creek Digital, Bullish, CMCC, Lvna Capital, Theta Capital, Bastion Trading, Libra Capital Ventures, and other high profile investors. Brian Brooks (Valor Capital Group) and Alex Pack (Hack VC) joined as board members. The capital will be used by Nonco to continue its growth and serve the Americas growing institutional demand.Led by Fernando Martinez, CEO, Nonco is building a brokerage that combines technology with service for institutions, corporates and ECP’s. The company offers its services through a non-custodial approach that leverages multiple counterparty risk-mitigating settlement mechanisms. Since launching in April, Nonco has executed close to $6Bn in trading volume, with a 65% average month-over-month growth rate, its products include spot, funding, derivatives and structured products.Nonco started by spinning-off from OSL Digital Limited, the Americas division of Hong Kong-based digital asset platform OSL, Asia’s leading over-the-counter brokerage, and consists of the same team. OSL retains a minority stake in the new venture. The leadership team is led by:Nonco has offices in Miami, Mexico City, London, and São Paulo.11/12/2023
