Tread.fi, an algorithmic crypto trading platform founded by a former Morgan Stanley employee, has raised $3.5 million in a pre-seed funding round.

New Form Capital led the round, with Aquanow, Varys Capital, GBV Capital, Thanefield Capital and others participating, Tread.fi said Wednesday. The round was structured as rolling simple agreements for future equity (SAFEs) with a token side letter, setting the stage for a subsequent round in Q1 2025, David Jeong, founder and CEO of Tread.fi and a former vice president of quantitative research at Morgan Stanley, told The Block.

Jeong said the round closed in the first quarter of this year, declining to comment on the valuation.

What is Tread.fi?

Tread.fi is a crypto trading infrastructure startup focused on serving institutional firms. It …