Quick Take
Institutional digital asset brokerage firm, Nonco, has secured $10 million in a seed funding round led by Valor Capital Group and Hack VC. Other notable investors, including Morgan Creek Digital and Bullish, also participated. Nonco aims to use the capital to meet the growing institutional demand in the Americas and establish itself as a leading brokerage firm for digital assets, emphasizing technology, service, and compliance. Since its April launch, Nonco has shown rapid growth, executing close to $6 billion in trading volume. The firm’s non-custodial approach and experienced leadership team position it as a formidable contender in the space.
Institutional Crypto Brokerage Firm Nonco Secures $10 Million Seed Round, Led by Valor Capital Group and Hack VC
In a bold move aimed at shaking up the institutional digital asset brokerage landscape, Nonco, an emerging player in the crypto space, announced the successful closure of its seed funding round, securing a total of $10 million in aggregate new capital. The funding round, a mix of equity and convertible notes, was spearheaded by Valor Capital Group and Hack VC, with prominent participation from industry heavyweights such as Morgan Creek Digital, Bullish, CMCC, Lvna Capital, Theta Capital, Bastion Trading, Libra Capital Ventures, and other high-profile investors. Nonco plans to deploy this fresh capital to further its expansion efforts, catering to the surging institutional demand in the Americas.
Nonco, whose name derives from “nonconformist,” has set its sights on establishing itself as the preeminent brokerage firm for digital assets. The company is committed to pioneering a new standard that places technology and service at the forefront while upholding rigorous institutional risk management and compliance standards.
At the helm of Nonco is CEO Fernando Martinez, a former Managing Director at OSL with nearly a decade of experience in crypto and startups. Martinez expressed the company’s vision, stating, “We want to make a statement, and it begins with our name, Nonco. Our aim is to become the leading brokerage firm for digital assets, and we intend to achieve this by establishing a new standard that prioritizes technology and service while ensuring institutional risk management and compliance.”
Nonco’s unique value proposition lies in its approach to a non-custodial model that harnesses multiple counterparty risk-mitigating settlement mechanisms. Since its launch in April, the company has executed approximately $6 billion in trading volume, boasting an impressive 65% average month-over-month growth rate. Its product portfolio encompasses spot, funding, derivatives, and structured products, positioning Nonco as a formidable contender in the global digital asset brokerage landscape.
Commenting on the company’s potential, Alex Pack, Co-Founder & Managing Partner at Hack VC, remarked, “Having spent the last decade focused on digital assets, I’ve witnessed many players come and go. The Nonco team stands out for their track record of successfully weathering a myriad of market cycles and adapting to the ever-evolving regulatory regime in crypto.”
Nonco’s leadership team combines extensive experience across both crypto and traditional finance. The team includes Caue Teixeira, CTO and former Partner at low-code capital markets fintech Genesis Global; Guilherme Rebane, Partner and Head of Strategy and Brazil, with over seven years of experience in crypto and more than 20 years of derivatives trading; and Jeffrey Howard, Managing Director and Head of U.S., former Head of Americas Futures & Options at Merrill Lynch & Global Head of Prime Brokerage at RBS.
Brian Brooks, Advisor to Valor Capital Group & Partner at O’Melveny & Myers, added, “Given their extensive knowledge and experience across both the crypto and institutional TradFi, the Nonco team is uniquely suited to navigate and capitalize on the rising institutional interest in digital assets from both US and Latin American markets. I am excited to support the next stage of Nonco’s growth.”
The addition of Brian Brooks and Alex Pack to Nonco’s board further solidifies its strategic position in the digital asset space. Brian Brooks, often referred to as the “first fintech Comptroller,” formerly held the position of Comptroller of the Currency and Chief Legal Officer at Coinbase. Alex Pack, on the other hand, was a Co-Founder and Managing Partner of Dragonfly Capital and played a pivotal role in launching the crypto practice at Bain Capital Ventures.
Nonco’s inception stemmed from its spin-off from OSL Digital Limited, the Americas division of Hong Kong-based digital asset platform OSL, Asia’s leading over-the-counter brokerage. The new venture maintains continuity with the same team while retaining OSL’s minority stake.
As Nonco continues to gather momentum and funding, the institutional digital asset brokerage space is poised for significant disruption. With a blend of experience, innovation, and a commitment to non-conformity, Nonco appears primed to carve out a unique position in this rapidly evolving sector.
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