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Wheelings & Dealings: $1.35 Million Raised by AlphaPoint to Build Intel for Bitcoin

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October 22, 2014

Wheelings & Dealings: $1.35 Million Raised by AlphaPoint to Build Intel for Bitcoin

By Joe Rizzo
TMCnet Contributing Writer

AlphaPoint is a company whose focus is to enable businesses integration with the fabric of digital currencies including Bitcoin. It is with this goal in mind the company recently completed a round of fund raising in which it received $1.35 million in new funding. This will be used to expand AlphaPoint’s line of digital currency exchange solutions while bringing its products to new international markets.

We are all familiar with the Intel (News - Alert) logo and the stamp that appears on most of the personal computers that exist today which says “Intel inside.” While there are a many companies that manufacture PCs the backbone of the box is the fact that it is run by an Intel processor. Vadim Telyatnikov, who is AlphaPoint’s CEO envisions his company in much the same way. In an interview, he told CoinDesk, "We see ourselves as the Intel Inside, with our clients marking themselves as their own brands and we're the technology on the back end."

As of now, AlphaPoint has two products available to its clients. The first product is the AlphaPoint Exchange Platform, which is supposed to be able to process one million digital currency transactions per second. The second product is the AlphaPoint Exchange Remarketer, which connects exchanges for liquidity.

Telyatnikov believes that about a dozen clients globally are using these two products. In describing how the process works, Telyatnikov said, "If an exchange starts up in Mexico, the buyer can easily pull liquidity from another exchange on the platform or the external exchange that doesn't use our platform."

Scott Becker, who is a co-founder of Invite Media (News - Alert), one of the venture capital firms that helped AlphaPoint reach the $1.35 million mark believes that it is prudent for exchanges to outsource the various technical components of building and scaling a complex infrastructure. Becker said, "Customers must put a lot of trust in their technical partner – if the technology can't keep up with volume or feature needs, their business can't operate or stay competitive. I would put my trust in AlphaPoint. The AlphaPoint team has already built successful exchange and trading systems in both the finance and online advertising spaces."

This is also the way that Telyatnikov feels when he talks about entrepreneurs sometimes lacking the technical ability to launch sophisticated trading systems. He believes his team has the experience that puts AlphaPoint in a unique position to meet the needs of the digital currency market. The thing that has brought Telyatnikov to this way of thinking is the fact that he fell in love with Bitcoin and its underlying technology. After being involved with several other companies, he feels that AlphaPoint is the right platform that can help expand the use of bitcoin on a worldwide level.

Edited by Maurice Nagle

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