Alpaca, the BNP Paribas-backed brokerage infrastructure provider, closed a $135 million funding round to build tokenized agent-first infrastructure. The capital fuels expansion into onchain markets and AI-native financial services as traditional finance and decentralized platforms converge on blockchain rails.
Alpaca operates a brokerage API that powers retail trading platforms. The company has moved beyond equity and options markets into crypto and tokenized assets. The new funding targets infrastructure for autonomous agents that execute trades and manage portfolios without human intervention.
Agent-first infrastructure represents a structural shift in how markets operate. Instead of traders manually placing orders, AI systems operate autonomously within defined parameters. Alpaca builds the rails those agents run on. The tokenized component means assets live onchain, reducing settlement friction and enabling 24/7 markets.
BNP Paribas backing signals traditional banking's embrace of digital asset infrastructure. Legacy financial players recognize that onchain assets require native tooling. Alpaca bridges that gap by translating institutional trading infrastructure into crypto-native formats.
The funding timing aligns with two converging trends. First, DeFi platforms increasingly employ automated market-making and liquidity protocols that benefit from agent infrastructure. Second, TradFi firms launch tokenized asset initiatives, needing APIs that connect to blockchain networks rather than traditional exchanges.
Alpaca's positioning matters here. The company already processes significant trading volume through its API. Expanding that infrastructure to agents and tokenized markets extends existing product lines rather than building from zero. Existing integrations with brokerages and platforms become jumping-off points for onchain services.
Agent-first design also addresses a real problem in crypto trading. Current retail platforms lack the institutional-grade automation that equity traders expect. Alpaca brings that sophistication to tokenized markets. Autonomous strategies can arbitrage across venues, manage