Young Platform bags €787k in crowdfunding campaign

Cryptocurrency exchange Young Platform has raised €787,000 in a crowdfunding campaign, surging past its initial €500,000 target.

The company raised the funds on the Seedrs platform and at a pre-money valuation of €8.5m. A total of 5.56 per cent equity was offered to investors of the round.

Italy-based Young Platform is a crypto exchange which enables consumers to quickly buy and sell digital assets with FIAT money via a mobile app. The company uses a phone’s pedometer to assess how many steps a person has made in a day and convert these into a cryptocurrency called Young. Young can be exchanged for other types of cryptocurrencies.

The company offers a cryptocurrency exchange where consumers can buy and sell more than 80 tokens with either pounds or euros.

Proceeds from the crowdsale will be used to foster the international expansion of the platform and the product development. The company is planning to begin its international expansion later in the year, focusing on the UK and then the rest of Europe.

Other initiatives with the funding burst include hiring staff for international operations to boost expansion in new regions and customer acquisition.

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