- Coinmetro raised $7 million in funds with a total of 180 million euros.
- The exchange will use the capital to expand operations in the US, the UK, and Europe.
- The firm will create products to help users in dealing with rising inflation and interest rates.
The digital currency exchange Coinmetro raised $7 million in fundraising which valued the company at a total of 180 million euros. Also, Coinmetro is set to create a line of products to assist clients in dealing with rising inflation and interest rates.
According to the business, the interim fundraising round is a forerunner to a Series A round expected for Q1 of 2023. Investors and over 100 current stockholders contributed to the funds.
For the uninitiated, Coinmetro was launched in Tallinn, Estonia, in 2018. It is registered with the United States Financial Crimes Enforcement Network (FinCEN), Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC), and Australian regulators. According to a company spokesperson, the firm is currently applying for a license in the UK.
Kevin Murcko, the CEO and founder of Coinmetro, also mentioned that despite crypto volatility, the company is possible to grow as long as one understands the dynamics of the market and can see where the next phase of crypto’s evolution will lead.
He further goes on to say:
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.
Moreover, Kevin added that the funding round will lead to further innovation and attract new customers who are becoming aware of why others have already switched.
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