May 18, 2024

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New Zealand Crypto Exchange Easy Crypto raises $ 11.75 million and seeks to go public

New Zealand Crypto Exchange Easy Crypto raises $ 11.75 million and seeks to go public

Cryptocurrency exchange New Zealand-based Easy Crypto has raised $ 11.75 million (NZ $ 17 million) Series A funding, when the company initially has a public offering (IPO) in mind in the future.

This round was led by Venture Capital Fund Nunes Linked Capital. One step Release Easy Crypto, October 6 NZ $ 17 million “seems to be a new record in New Zealand” For the largest Series A fund from a local business.

The financial round marks an important milestone for the company. Co-founder and CEO John Grainger says how difficult it is to get investments in the early stages of the company. Because he works in the field of cryptocurrency “It’s on the sidelines.”

The funds will be used to accelerate growth through product and technology development, talent investment and expansion into new markets in Indonesia and the Philippines. To serve the bankless.

The round was over 50% recorded and featured with the participation of many local and international organizationsVendor KiwiSaver, Pathfinder, Icehouse Ventures, Capital, GDP Venture (Indonesia), Hut Capital (US) and Seven Peaks Ventures (US).

Easy crypto fuel Founded by the Janen brothers And Alan Kringer generated $ 760 million in sales in 2017 (NZ $ 1.1 billion) To date, NZ has more than 150,000 customer base across Australia, South Africa and Brazil. This site provides buying and selling services for 151 digital assets and sells one Hardware wallet limit By Treasure and Ledger.

According to TechCrunch, Easy Crypto has not yet released its latest round of funding. The Great Joyce and from the previous Series A financial circuits analysis firm in New Zealand FinTec service providers Based on the Trade Window blockchain, it earned $ 10.3 million (NZ $ 15 million) each. New Zealand-based Artificial Intelligence (AI) Vittal last month raised more funds internationally through a $ 15 million (NZ $ 21.6 million) Series A funding round in the United States.

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Janine Kringer, Co-Founder and CEO of Easy Crypto, Speak He told the New Zealand Herald on October 6 The company plans to use the funds to increase its overseas operations and target new markets in Southeast Asia, such as Indonesia and the Philippines.:

“The reason we are targeting those markets is because there is a large population without a bank and they and you and I do not have access to financial resources.”

Kringer said Is the company Possible IPO study.

“We are still working on how it is and the plans we have for the future, but we will look for an initial public offering.”, Said.

The CEO said Easy Crypto generated $ 3.46 million in revenue (New Zealand $ 5 million) In the previous year, it is on track to double that amount this year.

According to the company, its customer base has increased “almost five times in the last 12 months”. Kringer told the NZ Herald It took 13 months to get the company’s first investment dollar, so the path to the company’s success was difficult, Could raise $ 11.75 million in three weeks by 2021.

“Cryptocurrencies are still somewhat, somewhat volatile, and I think it took us a while to find investors who were strategic about the future and what we were doing.”, Said.

The now-defunct cryptocurrency exchange Cryptopia was the victim of a major hack in 2019, causing something of a hate in the industry in New Zealand.. There were cryptocurrencies between approximately USD 16 and 18 million Pirlados of the stage.

Cointelegraph reported in July A Example of cryptopia He pleaded guilty to stealing $ 172,000 in cryptocurrency he received by copying users’ private keys while working for the company..

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