IDG Capital has announced a strategic partnership with Dutch cryptoplatform Coinmart including an investment of an undisclosed sum. The Chinese venture firm also backs leading cryptocurrency hub Coinbase.
The partnership marks IDG Capital's first investment in a regulated crypto exchange in Europe, an indicator of the firm’s growing confidence in the European cryptocurrency market.
The region accounts for a significant share of global cryptocurrency transitions, measured at 17.6 per cent in June 2023 despite the introduction of the Digital Markets Act.
Coinmart, a Dutch cryptocurrency exchange platform founded in 2021, aims to make the use of cryptocurrency more accessible by offering low transaction costs and personalised analysis to help users navigate the market. IDG’s funding will be used to improve software with a focus on the development of an advanced AI platform.
CEO George Zhi commented on the collaboration:
"For IDG Capital to partner with us in this way is a vote of confidence from one of the most respected investment firms in both us and the industry. It opens doors for us to further growth and opportunities, and we very much look forward to the partnership."
Correction: The above quote was initially attributed to George Popescu. This is incorrect; the remarks were in fact made by George Zhi.
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