Crypto trading engineering firm Talos raised $40 million in Series A funding led by Andreessen Horowitz (a16z), with PayPal Ventures, Fidelity Investments and others also taking part.

• The New York-based firm, founded in 2018, provides technology that supports digital asset trading to financial institutions.
• Its services include liquidity access, direct market access, price discovery, automated execution, reporting, clearing and settlement.
• The fintech announced the funding round Thursday and will use the capital to build out the “institutional-grade infrastructure our clients demand,” CTO Ethan Feldman said.
• Justin Schmidt, the former head of digital asset markets at Goldman Sachs, joined Talos as head of strategy in April.