Coinmetro, an Estonian-headquartered digital currency exchange , raised EUR 7 million (almost $7 million) during the latest interim funding round from over 100 existing shareholders and three business angels, the company stated Monday.
According to the press release, the successfully finished interim funding round occurs before the Series A round, which should start at the beginning of 2023. The current company's valuation raised to EUR 180 million marks a meaningful increase from EUR 60 million achieved a year ago.
Coinmetro wants to use the raised capital to expand its current operations in the United States, United Kingdom and Continental Europe. Additionally, the crypto exchange is currently preparing its own passive income tools, which are designed to protect wealth in times of high-interest rates and even higher inflation.
"Our success to date has been founded on our community-first approach to business, and coming up with ingenious ways to provide smart, simple and transparent tools that give our users the functionality they want. This funding round will be the catalyst to further innovation and will also help us bring on board new customers who are realizing why others have already made the switch," Kevin Murcko, the CEO of Coinmetro, said.
Coinmetro is currently licensed in Estonia and registered in the US with the Financial Crimes Enforcement Network (FinCEN). In the move to broaden its presence in the UK, the company is currently in the process of applying for local authorization.
Further Volatility Ahead
The cryptocurrency market in 2022 found itself under the intense pressure of risk aversion. Falling stocks and a more expensive dollar have caused major assets to lose more than 50% year-to-date, including Bitcoin (BTC) and Ethereum (ETH).
Although Coinmetro expects these adverse conditions, alongside heightened volatility, will persist in the following months, it sees growth opportunities "for those that understand the market dynamics." Nevertheless, the current market is difficult and countless people have lost their savings in the recent period.
"We have no shortage of ideas and are looking forward to making them real for our growing community over the months and years to come. This latest funding round gives us the financial clout to do just that. It's a testament to our vision that we have succeeded in doing so during a bear market," Murcko added.
Bitcoin is currently worth almost $21,000, while in January, traders paid more than $43,000 to buy one BTC.
