As investors get lured by crypto startups, the digital wallet space is also ramping up with innovators vying for all the VC attention. In the last few months, Belgian-based ‘coldest’ crypto hardware wallet provider, NGRAVE raised $6 million in funding, and Parisian decentralised custody security firm Dfns brought in €12.5 million to beef up the R&D cryptography programmes.
Joining the race, Munich-based fintech offering custody of digital assets on the blockchain, Tangany has raised €7 million in funding. The seed round was led by Nauta Capital. Existing investor HTGF and new investor C3 VC Fund also participated. The funding will help the company stock up on staff by the end of 2022. The company will also add new services to the existing core custody business such as staking and yield farming.
Founded in 2019, the startup aims to advance crypto adoption and enable organisations to expand their catalogue of financial products whilst making the transition for their customers as smooth as possible. Its WaaS (Wallet as a Service) provides highly secure storage for digital assets such as Bitcoin, Ethereum, stablecoins, security tokens and NFTs. Its proprietary solution supports both hot and cold wallets to provide clients with the easiest way to adopt blockchain.
According to the German fintech, it has over €400 million of digital assets under custody after witnessing skyrocketing growth over the last year and onboarding over 25 new clients, including Tezos Foundation, Quirin Privatbank and Exporo last year.
Talking about the new funding, Martin Kreitmair, CEO, Tangany said: “With this funding round, we begin the next chapter of our development. We were 4x oversubscribed which shows that Tangany is heading in the right direction. So far, we have been growing through our own profitability. Our partnership with Nauta Capital, C3 VC Fund and our existing investors, will enable us to accelerate our growth by expanding our team whilst also retaining our standards of quality and reliability.”
Markus Düttmann, principal, Nauta Capital added: “Although the crypto industry has received a lot of attention recently, it is yet to cross the chasm from early adopters to the mass market. This is largely due to the underlying technical complexities that Tangany will play an instrumental role in abstracting away, thereby providing access to the next wave of crypto users. We are particularly excited about its embedded approach, which allows anyone to seamlessly integrate cryptocurrencies into their offering.”