Bermuda’s Crypto Empire Soars with $30M Windfall

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Finance

What to know:

  • STS Digital raised $30 million from CMT Digital, Kraken exchange parent Payward, and other investors to expand its institutional trading platform. (A bunch of wealthy folks, presumably, who’ve finally figured out that crypto is just a fancy way to lose money.)
  • The Bermuda-based firm offers trading across 400+ cryptocurrencies with spot, vanilla and exotic options targeting institutional demand. (Because nothing says “sophistication” like trading a digital token named “KryptoKangaroo2023.”)
  • STS aims to become a foundational liquidity layer for crypto derivatives, capitalizing on growing institutional adoption of options for hedging and yield generation. (Translation: They’re betting on the market’s next crash, and hoping to profit from it.)

STS Digital, a trading firm specializing in crypto options, said it raised $30 million in a strategic round backed by CMT Digital, crypto exchange Kraken’s parent company Payward, and other investors. (Because who wouldn’t want to throw money at a sector where the only thing more volatile than the prices is the investors’ confidence?)

The company plans to use the funds to scale its institutional trading platform and solidify its role as a liquidity provider in digital asset markets, according to a statement shared with CoinDesk. (Which is just a fancy way of saying, “We’ll be here when the next bubble bursts.”)

Based in Bermuda, STS Digital allows institutions to trade more than 400 cryptocurrencies across spot, vanilla and exotic options, and structured products through a single interface that supports web, API and voice. (Because nothing says “trustworthy” like a platform that can be accessed via voice command-just like your grandma’s toaster.)

Options are a growing part of institutional crypto portfolios as firms use them to hedge risk and generate yield during volatile market conditions. (Because nothing says “I’m a serious investor” like betting on the price of a digital token with a fancy name.)

“This investment enables us to meet the explosive demand from institutional investors for our spot, options and structured product pricing,” said chairman and co-founder Gideon Hyams. (Translation: “We’re so busy, we’ll be lucky if we don’t get sued by the next moonshot.”)

In the statement, CMT Digital, the round’s lead investor, said it sees STS as being positioned to become “a foundational liquidity layer for crypto derivatives.” (Which is just investor jargon for “we’re throwing money at this because we’re out of ideas.”)

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2026-02-26 15:46