TruMid, the trading startup backed by venture capitalist Peter Thiel and investor George Soros
, has hit a key milestone.
The electronic trading platform for corporate bonds has now traded over $1 billion since its revamp just over a month ago. The firm passed the milestone on Tuesday August 9.
“We’re encouraged to see our users having successful experiences on a daily basis and getting increasingly comfortable with the platform during these summer months,” said Mike Sobel, President of Trumid.
“The first $1 billion in volume is an exciting milestone and we look forward to continued growth.”
TruMid is one of several firms trying to take advantage of increased interest in electronic bond trading at a time when many are complaining about reduced liquidity. Many have struggled to gain traction in a market that is one of the last to switch to electronic platforms.
TruMid focuses on roundlot trading, matching buy and sell orders in excess of $1 million. The firm launched around two years ago with a group of well-known Wall Street traders, capturing headlines as a result. It has also attracted big name backers such as Soros and Thiel, while former Barclays CEO Bob Diamond has endorsed the platform.
Business Insider recently reported on the firm’s revamp, with TruMid rolling out a new platform built in-house. The changes to TruMid’s platform have put it in a much stronger position, Sobel told Business Insider in July.
“The fee pool in corporate-bond trading is somewhere in the $8 billion range,” he said. “From a business perspective, we only need a very, very small share of it for this to be a fully self-sustaining business.
“We certainly need to more growth from here, but it isn’t by an order of magnitude,” he said.