OpenTrade, a London-based platform specialising in real-world asset-backed stablecoin yield products, has raised $4m in a seed extension round led by AlbionVC. Returning investors a16z and CMCC Global also participated in the funding.
The funding follows several notable partnerships for OpenTrade, including collaborations with digital asset exchange WOO X and Y-Combinator-backed Colombian neobank Littio.
Founded in late 2022, OpenTrade enables FinTechs, neobanks, and payment companies to create stablecoin-based financial services. Its platform provides seamless access to stable returns, ranging from 3% to 6% APR, backed by high-quality financial assets such as U.S. Treasury Bills. These solutions eliminate the complexity and cost of moving funds into the traditional banking system, allowing businesses to integrate yield products directly into their platforms.
OpenTrade plans to use the new funding to scale its operations, enhance its product capabilities, and expand its offerings. The company aims to develop additional yield products backed by diverse asset types while growing its sales, marketing, and implementation teams to support new global clients.
The firm’s leadership team brings decades of experience in both traditional financial services and digital assets, with executives having held roles at institutions such as Barclays, Standard Chartered, and Meta. Since its inception, OpenTrade’s solutions have processed over $100m in transactions, enabling wealth-generation opportunities for over 100,000 end users through partners like Littio.
OpenTrade CEO David Sutter said, “Stablecoins play a critical role in the crypto ecosystem, bridging that gap between digital assets and traditional finance. As the crypto ecosystem continues to mature, our technology empowers fintechs and exchanges to offer stablecoin yield products that are seamlessly integrated, safe and fast, matching high demand levels.
“This funding allows us to continue on our growth trajectory, building products for some of the biggest and most important leaders in the space. The caliber and experience of our partners is testament to the solutions we’ve built and the fantastic team we’ve got here at OpenTrade. Onwards and upwards.”
Jay Wilson, partner at AlbionVC, commented, “The job David and his team have done to successfully take their core product to market and secure high-profile partnerships is hugely impressive, especially given the business has only been operational for a short period of time.
“Stablecoin yield products are in high demand right now, but many businesses don’t know where to start in terms of building their own offering. That’s the gap in the market filled by OpenTrade who are building a core piece of infrastructure, offering a seamless and safe solution for partners to build and operate their own leading stablecoin yield products. I’m excited to work closely with David and the team on the next stage of their journey.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
