As cryptocurrency is becoming a more important part of people’s daily lives and finances, the public is actively seeking out solutions that help them manage their digital assets as easily as they would manage traditional ones. This public demand has seen many innovative crypto and blockchain projects soar in recent times.
One of the latest to see this success was Crypterium, a firm that acts as a one-stop solution for the management of digital assets. Now, Crypterium is celebrating a new milestone after successfully raising over €3.1 million in a new investment round.
Details of the Funding Round
The recent funding round for Crypterium was held on Seedrs and while the initial funding goal of €1 million was reached in under 36 hours, over €3.1 million was eventually raised. It should also be noted that all investors, about 2600 of them, were from Europe as non-Europeans were not allowed to participate.
However, the European market makes up less than a third of Crypterium’s user base and now the company has plans to expand funding efforts to the rest of the world. The equity share of this Europe-only campaign stands at 3.48% and its success is expected to be replicated in the rest of the world.
Now that this round of funding has been closed, the funds raised will be going towards the development of the core Crypterium business. According to the Crypterium Management, 22% of the funds will go towards B2B business unit expansion, another 22% for global marketing efforts, 17% for new product launches & human resources and so on.
The team has also financially backed this project, with more than €600,000 being contributed by them to this private equity sale. Among team members who invested was Steven Parker, the current Chief Executive Officer and former General Director at VISA. This support is down to the fact that the team believes in the company itself and also the potential of the wider crypto industry considering its growth thus far.
“Sooner or later, everyone will realize the power of digital currencies. A couple of years ago, no one could imagine that central banks would consider developing their own cryptocurrencies. And here we are — with bankers worldwide racing to join this exciting revolution of the financial system. I believe Crypterium is uniquely positioned to take advantage of this new era. That’s exactly why I actively support this investment campaign,” said parker.
All About Crypterium
Crypterium offers an all-in-one solution for digital assets management through its roster of products. These include the ability to send funds for zero fees using just a phone number, buying digital assets using debit cards, exchanging assets on a dedicated platform, making instant payments through the Crypterium wallet, and earning funds through high-yield savings accounts.
The Crypterium wallet can be accessed in over 170 countries and can be downloaded on iOS and Android devices with ease. The Crypterium VISA card was the world’s first crypto-to-fiat payment card available in 180+ countries and allows users to spend their digital currencies as easily as they would use fiat.
In the current world where cryptocurrency use is becoming normal and accepted, a business like Crypterium is very much needed and even though it was only founded in 2018, it has already amassed over 400,000 users around the world. In 2020 alone, Crypterium saw a 10x increase in its monthly gross profit with a turnover of €150.000.000 and expects to break the €200.000.000 monthly turnover in the next two years.
“This first private equity sale was an overwhelming success for us. That’s just a fact. Yet, we recognized that many investors and Crypterium enthusiasts couldn’t join because of the platform’s country restrictions. As a global startup, we are working on alternatives to give everyone a chance to get involved and build the future of finance right by our side,” said Crypterium’s COO Austin Kimm.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.