New Zealand-based Easy Crypto has broken the country’s record for a Series A funding round. The crypto exchange raised £8.73 million, almost twice as much as was expected.
Easy Crypto attracted outside funding for the first time in the highest funded round by a New Zealand company. The start-up which was founded by siblings Janine and Alan Grainger was previously self-funded. “Easy Crypto has not received angel or seed capital,” the company’s press release asserts.
Even Capital, GDP Venture, Hutt Capital, Icehouse Ventures, Pathfinder, and Seven Peaks Ventures all contributed to the round, which was led by Nuance Connected Capital.
In response to his company’s investment, Nuance Capital’s Founding Partner Adrien Gheur claimed that he believes worldwide crypto users would rise by 80 percent yearly over the next three years. “There is increasing global evidence of the adoption of crypto assets and blockchain as a mainstream form of trade, payments, and exchange,” Gheur added.
The funds will be used to “bring blockchain technology and financial freedom to the masses much faster,” according to the company. The investment, Easy Crypto claims, will be used to expand outwards while also reinvesting in the currency team. “We will also be hiring and curating talent to ensure help is always given to customers who ask.”
Easy Crypto seeks to “strengthening our roots in compliance with the regulations in any jurisdiction where we operate,” according to the announcement. As regulatory frameworks tighten, this is an objective that many other crypto exchanges around the world are pursuing.
“The caliber of institutional investors and high level of interest demonstrates increasing confidence in the role of cryptocurrency in the financial ecosystem,” said Janine Grainger, CEO of Easy Crypto.
A percentage of the funds raised by the crypto exchange will go towards educating the public on how to purchase, sell, and trade cryptocurrency, as well as other aspects.