Relai, a place to buy and sell bitcoin, has reportedly raised $4.5m in a funding round that will help the crypto company bolster its position in Europe.
The investment round was led by Ego Death Capital, a venture firm focused on bitcoin companies, according to a report from Venture Lab. Timechain, Cabrit Capital and Lightning Ventures also participated in the round, as did existing investor Fulgur Ventures.
With the funds, Relai will expand its services with zero-fee trading and the launch of a white-label product that would allow other FinTechs to offer fiat-to-bitcoin trading.
The company recently expanded its platform with Relai Business which aims to attract SMEs looking to add bitcoin to their balance sheet.
Switzerland-based Relai includes a non-custodial bitcoin wallet and allows users to easily buy and sell the digital currency.
Relai CEO and co-founder Julian Liniger said, “The current bear market is the perfect time to focus on what’s most important: building a top-notch product, delivering a seamless user experience, and educating people about Bitcoin as the best savings technology ever invented.
“Our team is hungry for what’s ahead, and we have a crystal clear plan that we will execute in the coming months. With ego death capital and the great network around Jeff Booth, Andi Pitt, and Nico Lechuga, we are ready to bring bitcoin to everyone in Europe!”
As part of the funding round, Ego Death Capital founding partner Andi Pitt will join Relai’s board.
FinTech Global recently spoke to several players in the cryptocurrency sector about the current Crypto Winter and what it means for the sector. While they agreed times are tough, they were confident the end of the hardship is in sight. Louise Abbott cryptocurrency fraud partner at Keystone Law concluded, “The Crypto winter will thaw to a spring awakening! Crypto is here is stay, and digital assets are the future.”
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