Tallinn-founded digital currency exchange Coinmetro has closed a €7 million funding round, which according to the company, provides it with a valuation of €180 million. The “forerunner to a Series A round currently set to take place in Q1 of 2023” is aimed at scaling up operations across continental Europe, the UK, and the US.
“After a peculiar year for cryptocurrencies, as indeed for most currencies, we are expecting further volatility ahead, but there is growth to be had for those that understand the market dynamics and can see where the next phase of crypto’s evolution will come from,” said Coinmetro CEO Kevin Murcko.
And, while shrouded in mystery, Coinmetro also hints at “developing a series of passive income products to help customers contest with a period of both high inflation and interest rates. These new innovations will hold true to the principles of the platform, which include a promise to never trade against customers.” Exactly what and how remains to be seen.
“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. This latest funding round gives us the financial clout to do just that. It’s a testament to our vision that we have succeeded in doing so during a bear market,” concluded Murcko.
In a statement issued by the company, the €7 million, “came from three angel investors, and over 100 existing shareholders, who will take a 4% stake in the business.”