Digital
asset
brokerage
firm
Nonco
has
secured
$10
million
in
seed
capital
to
help
serve
a
growing
number
of
institutional
clients
in
the
United
States.
The
investment
included
a
combination
of
equity
and
convertible
notes.
The
round
was
led
by
former
U.S.
Comptroller
of
Currency
and
CEO
of
Binance.US,
Brian
Brooks
of
Valor
Capital
Group
and
Hack
VC,
the
investment
firm
led
by
former
co-founder
of
Dragonfly
Capital’s
Alex
Pack.
Other
participants
include
Morgan
Creek
Digital,
CMCC,
Lvna
Capital,
Theta
Capital,
Bullish,
Bastion
Trading
and
Libra
Capital
Ventures.
CoinDesk
is
owned
by
Bullish.
Nonco,
which
got
its
name
from
the
word
“nonconformist,”
has
already
seen
$6
billion
in
volume
in
the
Americas
region
since
its
debut
in
April.
According
to
a
press
release,
it
is
now
seeing
growing
demand
in
the
U.S.
The
company
was
spun
off
from
OSL
Digital
Limited,
the
Americas
division
of
Hong
Kong-based
digital
asset
platform
OSL,
an
over-the-counter
brokerage
in
Asia,
and
consists
of
the
same
team.
OSL
retains
a
minority
stake
in
the
new
venture,
the
statement
said.
“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
CEO
Fernando
Martinez
said
in
a
statement.
The
company
says
it
offers
a
non-custodial
approach
that
leverages
multiple
counterparty
risk-mitigating
settlement
mechanisms.
Both
Brooks
and
Pack
will
join
the
company
as
board
members.
Update
(Dec.
8,
2023,
19:45
UTC):
Nonco
is
not
a
subsidiary
of
another
firm,
as
previously
stated
and
it
had
seen
$6
billion
in
volume
in
the
Americas,
not
just
Latin
America.
