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The institutional-grade cryptocurrency trading platform Theo announced that it raised a total of $20 million in financing across two rounds.
Hack VC and Anthos Capital led the most recent funding round, with participantion from Manifold Trading, Mirana Ventures and Metalayer Ventures.

The institutional-grade cryptocurrency trading platform Theo announced that it raised a total of $20 million in financing across two rounds, Theo co-founder Abhi Pingle told The Block in an email on Thursday. Theo closed a $15.5 million round closed in March after previously raising $4.5 million last year.

Venture firms Hack VC and Anthos Capital led the most recent funding round. Additional participants included Manifold Trading, Mirana Ventures, Metalayer Ventures, Flowdesk, SCB, MEXC, Amber Group and Selini Capital, along with angel investors from Citadel, Jane Street, JPMorgan and other traditional finance trading firms, according to a press release.

Theo builds trading infrastructure for institutions to help them grow their onchain capital. The low-latency validator set that Theo operates ensures safe custody for its users while also ensuring rule-based access for market makers, trading firms and other institutional clients, the release continues.

Pingle said that Theo plans to use its financing to bolster its validator structure, facilitate more integrations with crypto-native and traditional finance platforms and grow its user base. It also plans to augment its regulatory compliance and institutional onboarding efforts.

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Theo's board of directors has not changed following this most recent funding round. However, Pingle told The Block that the firm is in "active discussions" with investors and strategic partners about expanding Theo's board of directors "in the near future," especially to strengthen its global market expertise as the firm grows.

Theo maintains nearly $29 million in total value locked and supports four blockchains, according to the firm's website.