Estonia-based BITLEVEX, which offers crypto options trading, has received a $50m investment facility from digital asset investment firm GEM Digital Limited.
This capital will enable BITLEVEX to scale its promotional strategies, hire more staff and diversify its product suite. It is exploring new features, the launch of an NFT marketplace, a digital wallet, payment solutions for merchants and a crypto debit card.
BITLEVEX, which was founded in 2019, currently offers crypto options trading. The company currently has around 50,000 registered users and is looking to launch its native utility token BLEX.
The crypto options trading platform is on a mission to give crypto users access to user-friendly onboarding, financial education and products within Web3.
BITLEVEX CEO and co-founder Mikhail Skoblov said, “Thanks to our partnership with GEM, we will be able to realise our vision and draw attention to BITLEVEX and its products. Our scaling goals aim to increase the decentralisation of our platform while educating a new generation of investors.”
He added, “At times of great uncertainty like the one we are experiencing right now, it is our responsibility to work harder and hire more.”
GEM, which is based in the Bahamas, sources, structures and invests into utility tokens on over 30 centralised and decentralised exchanges around the world. It claims to be a $3.4bn alternative investment firm, which has executed over 525 transactions in 75 countries.
There have been many Estonian FinTech companies to raise capital this year. InsurTech startup DriveX steered to a $1m round close as it gears up for its European expansion. The company aims to digitise vehicle inspection processes through AI-assisted technology and currently automates pre-inspection processes for auto insurers.
Another Estonian FinTech company to raise funds recently was Modular Technologies OÜ, which secured €1m in its funding round. The company offers a cloud-agnostic core banking platform for financial companies.
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