Cryptocurrency has seen a rise in mainstream attention starting last fall — before COVID-19 measures took off, according Floating Point Group, or FPG, an algorithmic trading technology startup conceived at MIT.
“An increasing portion of our inbound prospects are established industry participants coming from FX, equities and derivatives markets,” FPG co-founder Kevin March told Cointelegraph on May 28 after confirming the presence of increased mainstream crypto trading interest.
Cryptocurrency opportunity knocking
Abiding with U.S. regulation, FPG offers institutional players a number of tools, APIs and other tech for trade automation. March noted similarities among the incoming crypto trading interest.
Elaborating, he added:
“The cryptocurrency markets offer a novel and attractive line of business ripe with opportunities for asset managers and a flashy way to bring in additional clients for service providers.”
Rallying in price more than 170% from its coronavirus-induced 2020 low, Bitcoin has seen a number of traditional market entities express interest in the industry in recent weeks, including billionaire hedge fund founder Paul Tudor Jones.
The trend started last fall
Although cryptocurrencies have seen rising prices and attention since COVID-19 measures and fear picked up globally in March 2020, FPG saw crypto interest start its climb in Q4 2019, March said. “The Covid-19 pandemic seems to have had little effect on this trend,” he said, adding:
“In fact, the inactivity associated with working from home may give many of the relevant decision makers a propensity to think outside the box and consider new strategic initiatives like venturing into cryptocurrencies.”
Last week, FPG attracted $2 million from a number of investors, including AngelList founder Naval Ravikant.