Digital currency exchange Coinmetro raised 7 million euros ($7 million) in a funding round that valued the business at $180 million, the company said Monday.
Coinmetro said it plans to use the capital to expand its operations in the U.S., U.K. and Europe. It is also developing a series of passive income products to help customers deal with high inflation and interest rates.
The interim funding round is a precursor to a Series A round planned for the first quarter of next year, the firm said. The funds were raised from three angel investors and more than 100 existing shareholders.
“After a peculiar year for cryptocurrencies, as indeed for most currencies, we are expecting further volatility ahead, but there is growth to be had for those that understand the market dynamics and can see where the next phase of crypto’s evolution will come from,” founder and CEO Kevin Murcko said.
Coinmetro was founded in 2018 in Estonia. It is regulated by the Financial Intelligence Unit in Estonia and is registered with the Financial Crimes Enforcement Network in the U.S., Financial Transactions and Reports Analysis Centre of Canada and Australian regulators. It is applying for a U.K. license, according to a company spokesperson.
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