Theo Raises $20M to Bring Wall Street-Grade Trading Tools to Crypto

Theo offers a platform for retail users to deposit assets into vaults utilizing advanced strategies.

Apr 24, 2025, 1:00 p.m.

Crypto trading infrastructure startup, Theo, has raised a $20 million round co-led by Hack VC and Anthos Capital. Other participants included crypto-native firms and individual investors affiliated with traditional trading companies such as Citadel, Jane Street, and JPMorgan.

Theo is developing a system that allows retail users to deposit digital assets into strategy-specific vaults, according to a press release shared with CoinDesk. These vaults are designed to provide access to advanced trading strategies—including arbitrage, hedging, and cross-chain funding rate optimization—that are typically used by institutional players.

The platform operates on a custom validator network that facilitates trade execution across both centralized and decentralized exchanges. It also enforces margin requirements and system-wide overcollateralization.

The startup was founded by ex-Optiver and IMC quant traders Abhi Pingle, Arijit Pingle, and TK Kwon. “Today’s crypto markets are fragmented and inefficient, preventing institutions and everyday users alike from accessing the full promise of global, permissionless finance,” Abhi Pingle said.

The press release notes that trading firms can use Theo’s infrastructure to improve capital efficiency by interacting with user-deposited funds, potentially increasing returns while managing execution and risk.

Francisco Rodrigues