September 2nd, 2021 at 4:13 pm UTC · 3 min read
Cabital’s successful seed round was led by SIG, Dragonfly, and GSR, increasing the firm’s valuation to $40 million.
The funding will support Cabital’s growth ambitions in Europe, help onboard senior talent and further develop its proprietary digital wealth management platform.
To capture the immense opportunities across Europe, Cabital will add SEPA to its list of payment methods, allowing customers to seamlessly move between euros and crypto by the end of Q3. While some firms require up to €1,000 as a minimum deposit and only allow users to buy cryptocurrencies with euro, Cabital won’t require a minimum and maximum deposit amount and will allow its customers to make deposits in euro, as well as withdraw their earnings in euro.
This will enable customers in the European Union to on-ramp with EUR into digital assets and off-ramp with cryptocurrencies into EUR, making Cabital not only a trusted on-and-off ramp solution but also the digital wealth management platform of choice for Europeans.
Raymond Hsu, Co-founder and Chief Executive Officer, said:
“Today, Cabital crossed an important milestone in our journey to build an alternative and safe financial industry.”
“Our purpose is to simplify investing in the crypto world for average investors, with a product that’s simple, secure, and sensible. Regardless of whether you’re a new or an experienced investor, we help you get more out of your digital assets to get you closer to your life goals sooner.”
“Cabital’s successful seed round is a testament that we are in the right business, with the right product, with the right strategy and we will continue to deliver our promise of helping more people across the world reach their financial goals.”
Lu Guo, SIG’s Partner, said:
“We’ve decided to lead Cabital’s seed round of funding as we see a massive surge in crypto investment. As cryptocurrency is now coming into the mainstream, Cabital is proposing new investment opportunities for crypto-wealth management products, which will meet regulatory compliance standards as well as maintain strong leadership in this growing market that’s increasingly globalized.”
Cabital is the world’s most trusted digital assets institution. The company’s purpose is to empower people to earn passive income safely and securely with their cryptocurrencies. The company’s main product is Cabital Earn, a cryptocurrency wealth management platform that enables customers to acquire higher returns on their investments of up to 12% APY. Cabital Earn offers free bank deposits in euros, daily accrued interest, and makes it easy to track your crypto assets and invest whenever, wherever.
Cabital is registered in the Republic of Lithuania as a cryptocurrency exchange operator and a cryptocurrency depository wallet operator and has entities incorporated in the British Virgin Islands, Singapore, Malaysia and Mainland China. Cabital carries out its activities in accordance with European AML/CTF principles and Financial Crime Investigation Service’s requirements.
Cabital was founded by Raymond Hsu in 2020. Raymond comes from a banking and tech background in various leadership roles at Citibank, Standard Chartered Bank, eBay, and Airwallex. Cabital’s leadership team has extensive experience working in traditional finance, including leading banks such as JPMorgan, Nomura Securities and UBS.