Quant-based digital asset management ‘Silentist’ raises seed funding
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Silentist, a South Korea-based company that develops digital asset management algorithms, announced today that it has raised KRW 1.5 billion in seed funding. The funding was led by Bass Investment, with participation from Mashup Angels and others.
Silentist aims to develop various investment products using various properties of crypto assets and provide customized portfolios by identifying customers’ risk appetite. In February, Silentist was co-founded by Kim Junghwan, a former financial sector consultant at Oliver Wyman and Boston Consulting Group; Heo Yeechan, a reinforcement learning talent who operated the quantitative community Quant.Start and developed various cryptocurrency management methodologies; and Ko Tae-gun, a CTO who has served as a development lead and CTO at various startups.
Silentist’s core competency is an algorithm development engine based on reinforcement learning, which can automatically research hundreds of thousands of algorithms to derive insights within a short period of time by defining desired goals and attributes. In particular, the methodology used by quantitative research teams is applied to the algorithm development engine, enabling efficient research with fewer people.
Based on its core competencies, Silentist provides investment products utilizing various asset classes and different revenue streams within the crypto space. Silentist’s first algorithmic investment product will go through alpha testing in April and will launch as a beta service in the first half of the year.
“Silentist has been performing exceptionally well since its inception based on its deep insights into the market and investors,” said Moo-young Lee, Director of Base Investment, who led the investment. “In traditional asset markets such as stocks and bonds, there have already been many examples of individuals and teams with genius talents delivering outstanding long-term performance based on quantitative analysis, and we are confident that Silentist will follow the same path of success in the cryptocurrency market.”
“Silentist is a team that has both an understanding of the financial industry and the ability to develop services and algorithms,” said Jae Won Chung, a judge at Mashup Angels. “We expect Silentist to be a service that even conservative clients can rely on, as it has established solid countermeasures against internal and external risks in the market.”
The three co-founders of Silentist said, “With this investment, we will accelerate the acquisition of related licenses such as virtual asset service providers (VASPs) and the launch of services.” “Through organic collaboration with existing web3 asset management players and institutional financial institutions, we plan to build an infrastructure that can manage assets without distinguishing between customers.”
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