Coinmetro Secures $7Mn, Aims for U.S. and European Expansion
Today, Coinmetro, an Estonian cryptocurrency exchange, announced that it had raised 7 million euros, or around $7 million, in a strategic fundraising round valued at $180 million. The platform is also planning to launch a line of products to help clients manage growing inflation and interest rates.
In 2018, Coinmetro was established in Estonia. The exchange is a full-service cryptocurrency exchange with an easy-to-use user interface licensed to operate in the European Union, the U.S., Canada, and Australia. The funds will be used to grow the company’s activities in the U.s., the U.k., and Europe.
According to the company, the interim financing round is the forerunner to the Series A round scheduled for the first quarter of 2023. It was funded by three angel investors and over 100 current stakeholders. Coinmetro has so far raised a total of $18 million.
Kevin Murcko, the CEO, and owner of Coinmetro, also stated that despite the immense volatility of the crypto space, the company may expand as long as one understands the market dynamics and can expect where the next stage of crypto’s evolution would lead.
He continues, saying:
“We have a lot of ideas for our expanding community, and we’re excited to make them a reality in the upcoming months and years. We have the financial resources to do so due to the most recent investment round, and being able to do so during a market slump is a credit to our vision.”
According to the company, its focus on customer-first features and an intuitive interface has resulted in a 300% growth rate in the United States. Kevin also stated that the fundraising round would drive creativity and innovation and attract new customers who are learning why others have already moved.
Coinmetro aims to utilize the capital to provide extra services, including passive-income products, to help clients resist excessive inflation and interest rates to grow operations. This will be in addition to the exchange’s existing offerings of standard exchange operations, such as minimal costs, margin trading, and copying experienced traders’ deals.