One of Europe’s fastest growing digital currency exchanges Coinmetro has closed an interim funding round of EUR 7million, valuing the company at EUR 180million. The community-driven exchange has become a go-to platform for jaded customers from some of the more established cryptocurrency platforms, with a customer-first strategy that drove 300% growth in the US last year off the back of seed investment.
Coinmetro plans to use the capital injection to further scale up operations in the US, UK and across Europe, as well as 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.
The interim funding round is a forerunner to a Series A round currently set to take place in Q1 of 2023. The full EUR 7 million came from three angel investors, and over 100 existing shareholders, who not only take a 4% stake in the business. A large proportion of these shareholders are also clients, who trust the team, the company, and it’s values, and our equally motivated to help the company grow. Coinmetro is now valued at EUR 180million, a three-fold increase on the previous valuation of approximately EUR 60million in 2021.
Kevin Murcko, CEO of Coinmetro said: “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. 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.
He added: “Our success to date has been founded on our community-first approach to business, and coming up with ingenious ways to provide smart, simple and transparent tools that give our users the functionality they want. This funding round will be the catalyst to further innovation and will also help us bring on board new customers who are realizing why others have already made the switch.”
Coinmetro’s growth to date has been driven by its innovative features, customer-first culture, and simplicity for its growing customer base. In August 2022, the platform introduced its first-of-a-kind swap widget, with which users can buy into their whole multi-currency portfolio in one simple trade, without needing to buy each coin or token individually.
