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Blocktrade is going to invest the new capital into developing its internal operations as it borders on security, market making and fiat-onramps.
Blocktrade, a Luxembourg-based digital asset trading platform, has pulled funding from investors in a Series A capital raise in which the firm amassed $25.8 million (22 million euros). As reported by CoinTelegraph, the company made the announcement on Tuesday, and refused to mention the investors who participated in the round.
The company is set to invest the new capital into developing its internal operations as it borders on security, market making and fiat-onramps. In addition, Blocktrade says it wants to pursue functional business partnerships, while also investing in initiatives that will drive the growth of its user base.
“Blocktrade is more than a classic crypto exchange: we are building a complete ecosystem around digital assets, which provides our users with much more than just access to trading tools,” said Bernhard Blaha, the Chief Executive Officer of Blocktrade.
Blocktrade came into the digital currency ecosystem with several mantras including providing individuals and institutions access to financial instruments and cryptocurrency trading on a secure and easy-to-use platform for trading. The firm is also pushing for crypto education on a broad scale and creating a channel through which its community can apply their knowledge on digital markets, cryptocurrencies, and crypto trading.
Blocktrade was founded back in 2018 and was promptly acquired by Switzerland-based Venture Capital firm, Cryptix AG. Cryptix has used its specialization in payments technology to rebrand the crypto exchange, and has pitched it as a growing delight of investors. The company sold out investment securities to about 6,000 investors in the European Union per the CoinTelegraph report, setting the pace for the successful funding round it just closed.
Blocktrade Funding: Testament of Surging Interest in Crypto Firms
There has been a growing embrace of cryptocurrency-based products around the world today. Many global citizens are beginning to see the revolution in digital currency technologies and the possibility of this tech flipping the existing options in the financial world. A lot of people want to be a part of the ongoing revolution.
On this backdrop, a number of firms are springing up with innovative solutions to bring Bitcoin (BTC), and other crypto opportunities to the mainstream. The ecosystem of solution providers is growing, and investors are beginning to see opportunities in these firms as a way to take an early position in this nascent industry. This has fueled the growing injection of capital like the $90 million raised by the Indian cryptocurrency exchange CoinDCX in a Series C round as reported earlier by Coinspeaker.
Pintu, an Indonesian exchange also pulled $35 million, capping the numerous successful funding rounds conducted this year. The success of Coinbase Global Inc (NASDAQ: COIN) which went public via a direct listing in April also accounts for the growing push by investors to take a pie of the digital currency ecosystem.
As many have adjudged the cryptocurrency terrain to be in its infancy, this funding is likely to grow as the interest in crypto peaks.