Cryptocurrency exchange platform Coinmetro has reportedly raised $7m in an investment round that puts its valuation at $180m.
The capital was supplied by three unnamed angel investors, as well as over 100 existing shareholders, according to a report from Coindesk.
With the funds, Coinmetro plans to grow its operations in the US, UK and Europe. The cryptocurrency exchange platform is also building a range of passive income products that will help its customers cope with high inflation and interest rates.
This is an interim funding round and will be followed by a Series A round, which is set for the first quarter of 2023.
Coinmetro is a cryptocurrency exchange platform that allows users to buy, trade and invest into crypto. Users can instantly buy coins with credit cards, leverage real-time asset data, trade on low fees and automatically copy professional traders.
Coinmetro founder and CEO Kevin Murcko told Coindesk, â€œAfter 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 cryptoâ€™s evolution will come from.â€
In 2018, Coinmetro held an initial coin offering. Within the first 12 hours of the sale, its tokens generated $4m, and raised up to $14m later in the day. It is unclear how much the ICO raised in total.
In other cryptocurrency news, Goldman Sachs, MSCI and Coin Metrics have teamed up to launch datonomy, a new classification system for the digital assets market.
This service will classify coins and tokens based on how they are used, with the aim of giving market participants a standardised way to analyse the digital assets ecosystem.
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