South Korea-based social trading platform League of Traders has closed its pre-Series A funding round on $2.4m.
The capital injection was led by C3 VC Fund, a Frankfurt-based venture capital firm. Other commitments came from Mirana Ventures, the Venture Partner of Bybit and Cadenza Capital Management.
With the backing, the FinTech company hopes to expand its user offerings and improve current copy trading features, with new features on the horizon.
Founded in 2019, the company attempts to encourage novices to engage in crypto trading by letting them copy the portfolio and trades of more advanced traders. Its app also offers a competitive side, with users able to compete in trading leagues, with cash prizes given to the leaders.
C3 VC Fund investment manager Davis Bourland said, “League of Traders really impressed us with their approach to social trading in the crypto space.
“With trading competitions, leaderboards and copy trading, the League of Traders platform provides a truly unique experience for both top traders and newcomers alike. We see a larger trend toward the convergence of social, gamification, crypto trading, and marketplaces, and League of Traders is innovating directly at this intersection.”
South Korea’s government recently revealed plans to enforce all-inclusive regulations for the digital currency industry in 2024. The aim is to strengthen investor confidence. The government will also review the Bank of Korea Act that introduces issuing a central bank digital currency under the plan.
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