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Quick Take

• Several metrics recorded record numbers in January. In many cases, January alone accounted for about 40-50% of total 2020 volume. 
• Total adjusted on-chain volume saw a very strong increase of 94.4% to a new all-time high of $528.8 billion in January.
• Adjusted on-chain volume of stablecoins increased by 73.1%, to a new all-time high of $308.7 billion in January.
• Centralized exchange spot trading volumes increased by 138.7%, to a new all-time high of $916.6 billion in January.
• Ethereum miners revenue increased by 123.3%, to a new all-time high of $829.6 million in January.

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A sales executive at Genesis Global Trading — among the largest players in the crypto trading market — has left the firm to join one of the industry’s data services. 

Dan Torrey, a former Wall Streeter, has joined Lukka as its head of institutional sales, according to his LinkedIn. A spokesman for Lukka confirmed the hire to The Block, noting that Torrey joined the firm officially last week. 

At Genesis, Torrey led institutional sales efforts in the Americas, pitching and on-boarding clients for trading products that ranged from electronic over-the-counter trading services to its suite of prime services. During Torrey’s time at Genesis, the firm expanded its capabilities alongside other players in the space vying to build-out the market’s go-to prime broker.

Torrey joined Genesis in 2018. Before working for Genesis, Torrey held positions at Northern Trust Corporation, Bank of New York, and Hill and Knowlton. 

As for Lukka, the firm has also been expanding outside of its roots. Despite being best known for its retail tax services, the firm made a number of headlines at the end of last year for inking new deals with Wall Street firms to push its data products into the institutional arena. Torrey will play a key role in that process moving forward.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Polychain has led a $1.1 million seed round investment in privacy-oriented decentralized exchange Manta Network.

The startup said Tuesday that it closed the seed round with other investors including Hypersphere Ventures, Three Arrows Capital, Defiance Capital, Multicoin Capital, and Alameda Research, to name a few.

Started in 2020, Manta Network aims to launch as a Polkadot parachain with plans to roll out its test network later this quarter.

Manta expects to participate in Polkadot’s parachain auctions to launch its mainnet around the third quarter of 2020. Manta is eyeing a privacy-oriented decentralized exchange as its first product, dubbed MantaSwap, by applying zkSNARK technology.

“There are many user experience frictions for implementing a privacy-preserving DEX that we are solving through a combination of modern, scalable implementations of zkSNARKs and leveraging Polkadot,” Shumo Chu, CEO of Manta and an assistant professor of computer science at UC Santa Barbara, told The Block.

“Manta’s unique approach to building as a Polkadot parachain enables them to offer plug-and-play privacy to a multitude of use cases and projects, starting with their own privacy-preserving DEX,” Polychain partner Ben Perszyk added in the statement.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.