Luxembourg-based Blocktrade has turned out to be the latest cryptocurrency exchange to achieve a huge support from venture capitalists, offering more proof that digital asset start-ups are turning out to be a major target for investment funds.
Luxembourg-based Blocktrade has turned out to be the latest cryptocurrency exchange to achieve a huge support from venture capitalists, offering more proof that digital asset start-ups are turning out to be a major target for investment funds. Private investors across 33 countries took part in the $25.8 million or 22 million euros, series A round, Blocktrade declared early Tuesday in Europe. The investors were not revealed.
Blocktrade is focusing on funding to improve the internal operations most importantly in areas of security, flat onramps and market-making. The company is now trying to set more resources which would help in developing its potential user base, also to work with different business partnership. “Blocktrade is more than a classic crypto exchange: we are building a complete ecosystem around digital assets, which provides our users with much more than just access to trading tools,” said Bernhard Blaha, the appointed CEO of Blocktrade in 2020.
Blocktrade was established in 2018 and was aquired by Cryptix AG, a Swiss venture capital firm that works specially on digital payments. Due to the training of Cryptix, Blocktrade went through a security offering in early 2021, bringing in a lot of investments from over 6,000 participants across Europe. Crypto-based start-ups have created billions of dollars in funding this year an introduction or manual to the developing appeal of blockchain and cryptocurrencies between venture capitalists and other private investors. Exchanges have been at the middle of the funding with many like Mercado Bitcoin, Bitso, FTX and Pintu creating nearly $1.4 billion in funding over the last few months.
These companies stick to coinbase’s huge IPO in April that would try to increase digital currency trading into mainstream consciousness. Crypto trading will most likely get serious now as more and more investors have decided to work on the two-prolonged bull market for Bitcoin (BTC) and other assets. The BTC price hit through $46,000 on Monday between news that U.S lawmakers are trying to bring new crypto-focused amendments to the infrastructure bill.