Alt Platform

About Alt Platform

Alt Platform Inc., operating as alt.xyz, is a financial technology company that has developed a marketplace for investing in alternative assets, with an initial focus on collectible trading cards. Founded in 2020 by Leore Avidar and Kunal Moktan, the San Francisco-based firm aims to increase the transparency and liquidity of assets that traditional financial institutions typically do not recognize as collateral. Avidar, who serves as CEO, drew inspiration from his personal passion for sports card collecting, which began in his childhood and was reignited in 2016. His professional background includes roles as a derivatives trader at Citigroup and in business development at Amazon Web Services, as well as co-founding the API company Lob. This blend of finance and technology experience informed his vision for Alt, which seeks to address the lack of infrastructure, price transparency, and liquidity he encountered as a card investor.

The company's core offering is a platform where users can buy, sell, store, and finance collectible cards. Alt provides real-time pricing data through its proprietary "Alt Value" tool, which tracks the market value of millions of cards to help users make informed decisions. All cards sold on the platform must first be authenticated by a third-party grader and are stored in the company's secure, temperature-controlled vault in sales-tax-free Delaware. This vaulting service, which includes digitization and insurance, is free for supported graded cards.

Alt generates revenue through a multi-faceted business model. For fixed-price sales on its marketplace, the company charges sellers a fee based on their sales volume and rewards tier. In its auctions, a buyer's premium is added to the final hammer price, which is then shared between Alt and the seller. The firm also offers lending services, allowing users to take out loans against their vaulted card collections. Furthermore, Alt provides an optional subscription service for access to comprehensive sales history data from across major marketplaces. The company has secured significant funding, including a $31 million Series A in March 2021 and a $75 million Series B in November 2021, from investors such as Seven Seven Six, Spearhead, and notable athletes including Tom Brady and Kevin Durant.