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Troy Network raises undisclosed round led by NGC Ventures, BlockVC

Troy Network raises undisclosed round led by NGC Ventures, BlockVC

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2 -min read
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SINGAPORE-BASED startup Troy Network, a decentralised protocol for global trading and settlement, has raised an undisclosed round led by NGC Ventures and BlockVC.

NGC Ventures, a blockchain investor with offices in Singapore, Shanghai and San Francisco, told The Business Times that its strategic investment was US$1 million.

Troy Trade, derived from Troy Network, is a global prime broker providing crypto brokerage services for institutional clients and professional traders.

"Despite progression within the industry, the absence of prime brokers has limited the potential of the crypto asset market. Merging strong financial backgrounds and crypto market expertise, I believe Troy will soon become the leading prime broker in this industry," said Tony Gu, founding partner at NGC Ventures.

Troy Network said it has integrated over 30 global crypto exchanges and more than 500 cryptocurrencies onto its platform. Its assets under management have reached 25,000 bitcoins, with US$100 million in daily trading volume, it said.

Kevin Hsu, founding partner at BlockVC, said the startup offers a full stack of customised prime broker solutions including global liquidity, margin financing, asset management and data analytics.

"The crypto asset market is at the edge of a paradigm shift," Mr Hsu said. "Institutional players from traditional markets are entering the race and have been consistently pursuing market dominance. Meanwhile, the 'primitive' infrastructure and services are facing significant challenges...Troy will play an essential role as the revolutionary infrastructure in this paradigm shift."