It was a time of great change in the land of digital currencies, and the folks at BridgePort, a cryptocurrency OTC platform, had just struck a deal that would make the old timers sit up and take notice. They had completed a 3.2 million seed round financing, led by the wise and well-heeled Further Ventures, along with a few other venture capital firms that saw the writing on the wall.
According to the official press release, which was as detailed as a farmer’s almanac, the over-the-counter crypto platform planned to use the funds to grow and expand its team, much like a farmer might plant more seeds in anticipation of a bountiful harvest. The goal was to meet the rising demand from institutions that were looking for a safer way to trade, one that didn’t involve leaving their hard-earned crypto in the hands of exchanges that seemed as stable as a house of cards.
BridgePort, with its heart in the right place, aimed to be the bridge that connected investors to the crypto world, without the need to deposit funds on exchanges. They also offered a solution to the ever-present credit and settlement risks, using real-time messaging and collateral management, as if they were the sheriffs keeping the peace in a wild, wild west of digital finance.
The seed round was led by Further Ventures, a venture capital firm from the far-off lands of Abu Dhabi, with support from a who’s who of venture capital and web3-focused firms, including Virtu, XBTO, Blockchain Founders Fund, Fun Fair Ventures, and Humla Ventures. It was a coalition of the willing, all betting on the future of crypto.
Nirup Ramalingam, the CEO of BridgePort, spoke with the gravitas of a man who had just planted the flag on a new frontier. “This $3.2 million seed funding round marks a major milestone in our journey to provide a solution for capital inefficiencies and risks associated with prefunding, especially in the crypto space,” he said, his voice as steady as a farmer’s handshake.
“We are grateful to our investors for believing in our vision to build the institutional coordination layer for the off-exchange settlement of crypto that will better connect the ecosystem,” Ramalingam added, his words as sincere as a promise made at a barn raising.
Mohamed Hamdy, the Managing Partner at Further Ventures, explained the firm’s decision to invest in BridgePort with the clarity of a clear day. “BridgePort’s mission to solve the problems and risks posed by prefunding and credit fragmentation is going to be vital for the future of the crypto industry as it sees an increase in institutional interest,” he said, his words as measured as a farmer’s forecast.
“We see BridgePort’s infrastructure becoming foundational to the next phase of crypto market structure evolution,” Hamdy stated, his confidence as solid as a well-built barn.
Once seen as a backdoor option for settling off-chain, OTC platforms like BridgePort had evolved into a solution for traditional finance institutions, like banks and corporations, that wanted to dip their toes into the crypto waters without the risk of a full plunge. Keeping money on exchanges was often seen as a risk by institutional investors, much like leaving the barn door open to the wolves. The Bybit hack, DMM Bitcoin (BTC) and WazirX exploits were stark reminders of the dangers that lurked in the shadows.
After the Bybit hack, security analysts predicted that OTC services might see a large-scale freeze wave to prevent the movement of stolen funds off-chain, a move as drastic as a farmer setting fire to his fields to keep the pests at bay. But for now, BridgePort stood tall, a beacon of hope in a land of uncertainty. 🌾🔒
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2025-07-08 13:08