Arbelos Markets, a crypto liquidity provider, has raised $28 million in a seed funding and debt financing round.  

Dragonfly Capital led the round, which included participation from Circle Ventures, Aevo, Polygon, Deribit, Immutable, and other investors. Arbelos Markets plans to use the newly raised capital to improve its quant trading infrastructure and recruit staff, as well as broaden its product offerings and market reach.

“Arbelos is replacing the pre-FTX…trading system with one based on provable trust," Arbelos Markets Co-founder and CEO Joshua Lim said in a statement Wednesday. 

Arbelos Market was founded in 2023 by Lim, a former trader at Galaxy and Genesis, and Shiliang Tang, who was previously CIO at digital asset hedge fund LedgerPrime. They seek to be a …