PayPal-backed crypto firm Talos has raised fresh funding from companies like Ken Fox’s private equity firm Stripes, BNY Mellon, Citi and others.
PayPal-backed cryptocurrency firm Talos is becoming the latest unicorn in the industry, reaching a $1.25 billion valuation following new funding.
Talos has raised $105 million in Series B funding round led by a major global growth equity firm, General Atlantic, according to an announcement released on May 10.
The funding will help Talos extend its institutional-grade digital asset platform as well as accelerate the firm’s expansion into the Asia-Pacific region and Europe.
The raise featured major firms in both the traditional finance and the crypto industry, including Ken Fox’s private equity firm Stripes, BNY Mellon, Citi, Wells Fargo Strategic Capital, investment firms like DRW and SCB 10x, crypto trading platform Voyager and others.
“This investment is the latest example of BNY Mellon’s commitment to the future of digital assets,” BNY Mellon’s global FX head Jason Vitale said. He added that BNY Mellon is among new advisors on Talos’ Strategic Investor Forum working on building institutional solutions for the crypto market.
The funding round also involved existing investors from Talos’ $40 Series A round closed in May 2021, including Andreessen Horowitz, PayPal Ventures, Fidelity Investments, Castle Island Ventures, Illuminate, Notation Capital and Initialized Capital.
The funding is a major indicator of the growing institutional adoption, Talos co-founder and CEO Anton Katz said:
Founded in 2018, Talos is an institutional-grade infrastructure technology provider in the cryptocurrency industry, offering services for trading, settlement and others.
According to the company’s website, Talos’ partner base covers a wide number of firms in the crypto ecosystem, including multiple exchanges like Binance, Coinbase and FTX, as well as over-the-counter desks and FX platforms. Talos says its institutional trading volumes surged 20x times year-over-year by May 2022.