LevelField Raises $50M as it Makes New Acquisition

Despite the bearish run, financial services firm LevelField has raised $50 million and also completed new acquisitions to further its interest in the cryptocurrency ecosystem.

This is according to reports from The Block. According to a recent SEC filing, the firm has also completed two funding rounds this year. Parts of the funds will be used for the acquisitions of Net shares Financial Services.

Although the acquisition is still subject to regulatory approval, the terms of the deal were not disclosed.

Through the acquisition of Netshares, LevelField Capital will be responsible for meeting clients’ demands including capital raising, accessing private investments, project finance, and advisory services, as per the report.

In addition to the Netshare acquisition, LevelField is also seeking to buy a US chartered banking institution. Founded in 2018 by Gene Grant, LevelField’s first feature, a digital asset trading platform, will launch in September.

LevelField was created with the intent of integrating the traditional finance and the digital asset industry into one platform. 

According to Grant, its goal was to offer a full-service banking experience to customers. This operational model is already run by firms like American financial service companies Robinhood and FTX.

Consolidations in the cryptosphere

Owing to the market downturn and collapse of the Terra-Luna ecosystem that has caused a liquidity crisis for many industry players, other healthy firms have seized the opportunity to consolidate and expand their reach via mergers and acquisitions.

For instance, Sam Bankman-Fried through his FTX Ventures and Alameda Ventures went on an acquisition spree during this crypto winter to build his subsidiaries and compete with other industry players.

The billionaire in a recent interview said this move had mixed results as some of the deals turned out to be bad deals while some others had promising prospects.

Similarly, crypto custodian Fireblocks acquired Israeli-based crypto payments processor First Digital Asset Group for an undisclosed fee in January.

Crypto.com also recently acquired South Korean payment provider PnLink in August.