Cryptocurrency startup Tristero, backed by General Catalyst and Steel Perlot, is seeking to raise $4.8 million to build a new trading solution called dark pool to facilitate large trades without moving prices.
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As per a report from Axios, the startup wants to build a decentralized version of dark pools to make it trustless. Tristero boss, Sam Trautwein, said in an interview that decentralized dark pools "is one of the few areas where something that works in crypto is definitively technically superior to its equivalents in TradFi."
Tristero will build smart contracts to facilitate the closing of large buy or sell orders once there's a counterparty willing to take the trade, the report notes. Even though a release date wasn't disclosed, Trautwein said the startup will roll out the decentralized version of dark pools later this year.
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