Coinmetro, a crypto exchange, has finalized a strategic funding round that resulted in the company securing 7 million euros (around $7 million). This round was supported by three angel investors and 100 current shareholders.
According to the announcement by the company, its valuation has seen a significant increase to $180 million as a result of the investment round. This represents a threefold increase from the company’s valuation of $60 million in 2021.
Coinmetro is a cryptocurrency exchange that was established in 2018 and is located in Estonia. According to the information provided on its website, the exchange possesses active regulatory registrations in the United States of America, Canada, and Australia in addition to having a license from the European Union.
Coinmetro plans a Series A round
As reported by Crunchbase, the young company has successfully raised a total of 18 million euros (18 million dollars) so far. Coinmetro also has intentions to launch a Series A at the beginning of the following year. As per the recent data, the average amount of money invested in a seed or pre-Series A round during the third quarter was $6.5 million.
The infusion of new funds will make it possible for the exchange to expand its activities in the United States of America, the United Kingdom, and Europe. Coinmetro is also planning to launch a line of products that generate passive income. According to the Chief Executive Officer (CEO) of Coinmetro, Kevin Murcko, the platform is seeking its expansion in the near future. He added:
“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.”
The grave problem of the bear market is resulting in many companies’ loss and laying off issues. Amid these situations, this news of Coinmetro raising fund is really motivating. In July this year, the Chinese branch of the venture capital firm Sequoia Capital reported raising $9 billion for four new funds. The Binance, a major crypto exchange is trying to make the most of the ongoing market situation by hiring and expanding its workforce.