Coinmetro, a digital currency exchange, has acquired SME fundraising platform Ignium in a deal worth €4m.
Ignium claims it seeks to solve the crowdfunding accessibility crisis. The firm enables businesses to raise funds from their communities through the minting and issuance of non-fungible tokens on the blockchain.
The firm said the registration process is secure, straightforward and fast, with applications taking 10 minutes on average.
According to Coinmetro, the acquisition will broaden its portfolio of capabilities to include services in the securities market.
Coinmetro will develop the fundraising and community engagement product further to create an active market for equity trading for its more than 150 shareholders as well as external companies.
Coinmetro has acquired 71% of Ignium’s shares as of the 3rd February, and the company is planning to acquire the rest of the business by the end of April 2023.
Coinmetro CEO Kevin Murcko said, “SMEs are enduring one crisis after another, from Covid, to inflation to a potential recession. They are also the type of business least catered for by traditional financial services. SMEs however have a key asset: their highly engaged communities.
“This is particularly marked in the crypto sector. Companies that nurture their communities can then reap the benefits of turning their loyal customers into engaged investors, made possible with products such as Ignium’s blockchain technology.”
NatWest has recently entered into an agreement to acquire a majority stake in Cushon, a workplace savings and pensions FinTech.
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