FCA-regulated investment banking firm Makor Group has closed a Series A funding round involving billionaire Alan Howard and Algorand. The funds will be used to expand the business of cryptocurrency brokerage subsidiary Enigma Securities.
Makor Group's valuation has reached $200 million, with the investor raising $17 million, according to The Block.
Makor Group will also direct funding towards international expansion and acquisitions of competitors.
Algorand CEO Stephen Kokinos will join the company's board of directors. Makor Group plans to "offer partner solutions to organisations interested in blockchain to modernise traditional financial models".
Recall that Alan Howard has invested in crypto start-ups such as Copper, Komainu, Bullish Global, Bottlepay and Ledn, as well as Dan Tapiero's 10T Holdings and One River Digital Asset Management funds. In addition, he owns Elwood Technologies, which helps banks and fintech firms access cryptoliquidity through APIs.
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