TLDR:
- Crypto proprietary trading firm Breakout raises $4.5 million in seed funding.
- The firm offers users up to $200,000 in notional funding.
A crypto proprietary trading firm called Breakout has secured $4.5 million in seed funding in an oversubscribed round. The round was led by RockawayX and included investors like Mechanism Capital, Round13 Capital, C² Ventures, and IOBC Capital. Co-founder and CEO Alex Miningham revealed that the startup initially aimed for $3 million but received $6 million in commitments, ultimately closing at $4.5 million. Breakout offers evaluation-based funding options for traders with account sizes ranging from $5,000 to $100,000, with the opportunity to receive up to $200,000 in notional funding.
The firm was founded by Miningham and Dylan Loomer, who launched the platform last November after nine months of development. Since then, Breakout has attracted over 4,000 traders who have collectively traded over $12 billion in total notional volume. Breakout operates by giving traders evaluation tasks to meet specific gain targets, with the opportunity to trade with notional funds once successful. The firm charges fees for its evaluation programs and funded accounts and engages in proprietary trading using its own funds.
With the new funding, Breakout plans to expand into the Asia-Pacific and Latin America regions and grow its user base through a global affiliate program. The firm aims to attract high-profile traders with large social media followings to join its affiliate network. Breakout also intends to hire new staff across various functions to support its expansion plans. While there are no current plans for a native token, the firm may consider launching one in the future if the regulatory environment permits.
