Miami startup ML Tech raises $2M to make crypto trading easier

A management platform for digital currency is doubling down on marketing and sales initiatives after raising $1.9 million from investors.

Miami-based ML Tech is focused on scaling after securing the funds in a strategic round backed by Belvedere Strategic Capital, Hyperithm, and Nascent, an investment firm for cryptocurrency businesses. The startup makes it easier for institutional investors to invest in the crypto market. According to its website, ML Tech connects trading teams with access to institutional capital and lower fees across multiple cryptocurrency exchanges.

ML Tech reports its assets under management increased to $45 million in December from $5 million in June. The company recently secured status as a commodity trading advisor with the federal Commodity Futures Trading Commission to onboard additional investors.

"We registered with the CFTC because the digital asset space is undergoing a shift right now where there’s been a loss of confidence," co-founder and CEO Leo Mindyuk said. "We believe that additional transparency, regulation and compliance are critical for wider institutional adoption."

The startup has nine employees. Launched in 2020, ML Tech previously raised $1.75 million in a seed round led by Chicago-based fintech investor West Loop Ventures.

ML Tech's target customers include experienced trading teams and institutional investors, such as family offices and asset managers, that are looking for exposure in the digital asset space.

South Florida continues to be a home for emerging blockchain and cryptocurrency businesses, including Blockchain.com and NFT startups such as OnChain Studios.

Despite recent chaos in the crypto industry – including the implosion of FTX and the arrest of its founder Sam Bankman-Fried – a representative for ML Tech said Miami is an ideal location for it to grow.

"[The city] is the hub for crypto with significant support from the local government, strong startup ecosystem, attractive talent pool, [and] diversity in the population with an international flair," Head of Operations Marie A. Nuon told the South Florida Business Journal.

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