Earlier this year, Blocktrade completed a successful initial public offering (IPO), garnering support from over 6,000 European investors.
With the acquisition of Blocktrade, the Luxembourg-based cryptocurrency exchange has become the third cryptocurrency exchange to receive significant funding from venture capitalists, providing more evidence that digital asset firms are becoming a popular target for investment funds.
In the Series A round, which raised $25.7 million, or 22 million euros, Blocktrade stated early Tuesday in Europe that private investors from 33 nations had taken part in the deal. The names of the investors were withheld.
Specifically, Blocktrade stated that the investment will be used to improve internal operations, particularly in the areas of security, fiat onramps, and market-making. In addition, the company stated that it would devote additional efforts to expanding its prospective user base as well as pursuing new business alliances.
According to Bernhard Blaha, who was appointed CEO of Blocktrade in late 2020, the company is more than simply a traditional cryptocurrency exchange. “We are building a complete ecosystem around digital assets, which provides our users with much more than just access to trading tools,” he stated.
Founded in 2018, Blocktrade was bought by Cryptix AG, a Swiss venture capital firm that specialises in digital payments, in late 2018. Blocktrade, under the guidance of Cryptix, completed a securities offering in early 2021, garnering investments from more than 6,000 individuals from around the European continent.
Millions of dollars in funding has been invested in cryptocurrency-focused firms so far this year, demonstrating the growing interest in blockchain technology and cryptocurrencies among venture capitalists and other private investors. Exchanges have been at the forefront of the investment craze, with the likes of Mercado Bitcoin, Bitso, FTX, and Pintu generating roughly $1.4 billion in funding over the course of the past several months.
These companies were formed in the wake of Coinbase’s enormous initial public offering (IPO) in April, which further elevated digital currency trading into the general consciousness.
Cryptocurrency trading is expected to pick up steam now that more investors have received confirmation of a two-pronged bull market for Bitcoin (BTC) and other assets. According to reports, politicians in the United States are planning to offer fresh crypto-focused changes to the infrastructure bill, which is expected to push the Bitcoin price beyond $46,000 on Monday.
