Nonco, an institutional digital asset brokerage firm, announced the close of its seed round today, in which it received a total of $10m of aggregate new capital. The seed 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. The capital will be used by Nonco to continue its growth and serve the Americas growing institutional demand.
Fernando Martinez, CEO of Nonco, said: “We want to make a statement, and it begins with our name, Nonco, derived from ‘nonconformist.’ Our aim is to become the leading brokerage firm for digital assets, and we intend to achieve this by establishing a new standard that prioritizes technology and service while ensuring institutional risk management and compliance.”
Nonco is building a 21st-century brokerage that combines cutting-edge technology with exceptional service for institutions, corporates and ECP’s. Nonco offers its services through a unique 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 aims to become a top digital asset brokerage globally.
Alex Pack, Co-Founder & Managing Partner at Hack VC, said: “Having spent the last decade focused on digital assets, I’ve witnessed many players come and go. The Nonco team stands out for their track record of successfully weathering a myriad of market cycles and adapting to the ever-evolving regulatory regime in crypto.”
The leadership team has extensive experience across crypto and traditional finance, and is led by:
- Fernando Martinez, CEO, former Managing Director at OSL, who brings nearly a decade of experience in crypto and startups.
- Caue Teixeira, CTO, former Partner at low-code capital markets fintech Genesis Global.
- Guilherme Rebane, Partner and Head of Strategy and Brazil, who brings over seven years of experience in crypto and over 20 years of derivatives trading, including at financial institutions such as BTG.
- Jeffrey Howard, Managing Director and Head of U.S., former Head of Americas Futures & Options at Merrill Lynch & Global Head of Prime Brokerage at RBS.
Brian Brooks, Advisor to Valor Capital Group & Partner at O’Melveny & Myers, said: “Given their extensive knowledge and experience across both the crypto and institutional TradFi, the Nonco team is uniquely suited to navigate and capitalize on the rising institutional interest in digital assets from both US and Latin American markets. I am excited to support the next stage of Nonco’s growth.”
Nonco’s newly joined board members are recognized as visionary leaders in digital assets. Brian Brooks, often referred to as the “first fintech Comptroller” was formerly Comptroller of the Currency and Chief Legal Officer of Coinbase. Alex Pack was previously a Co-Founder and Managing Partner of Dragonfly Capital, and helped launch the crypto practice at Bain Capital Ventures.
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.
About Nonco
Nonco is a nonconformist digital asset brokerage firm built for institutions. It aims to set a new industry standard by placing technology and service at the forefront of everything they do. Nonco’s product range spans across spot, funding, derivatives, structured products and more. It delivers its products through a unique non-custodial approach, leveraging clearing, smart contracts, and bilateral settlement capabilities. Nonco has offices in Miami, Mexico City, London, and São Paulo.
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