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Billionaire Peter Thiel invested in a Bitcoin startup

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Peter Thiel Bitcoin

Peter Thiel’s venture capital firm Founders Fund has invested Tagomi Systems, a startup that helps big investors buy and sell bitcoin. One of the co-founders of the startup is Greg Tusar the former electronic trading chief at Goldman Sachs.   

In the Cryptocurrency markets executing large orders is a very tedious process. There are a lot of exchanges around the world and no central connection between them and are very fragmented. Most of these exchanges have trading limits on deposits and withdrawals. This results in large-scale cryptocurrency transaction to execute over the counter.        

The volatile nature of cryptocurrencies a trader could suffer enormous losses with the time taken to execute the order. Togomi systems plan to solve this issue by creating an automated bulk trading process calledsmart order routing.” Large-scale trade orders could be executed with a software called smart order router (SOR). SOR sends the orders to different trading platforms simultaneously.

The SOR uses advanced routing rules and pre-programmed algorithms and can execute trades across different trading platforms. According to Wall Street Journal article, the company has raised over $15 million in investment and is planning to develop a similar tool to handle big cryptocurrency trades.

Peter Thiel a big believer in Bitcoin

Billionaire Peter Thiel and the co-founder of PayPal and an early investor in Facebook is a big believer in Bitcoin and is going “long” on Bitcoin.

Founders Fund has been investing in Bitcoin and has acquired between $15 million to $20 million in 2017 and has a portfolio worth around $3 billion.

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