Coinmetro, one of Europe’s fastest-growing digital currency exchanges, has raised €7 million in an ‘interim’ funding round which values the company at €180m.
The exchange says it has provided customers jaded by some of the more established cryptocurrency platforms with a community-driven platform 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 a period of both high inflation and interest rates.
The new funding is a forerunner to a Series A round currently set to take place in Q1 of 2023 and comes from three angel investors as well as more than 100 existing shareholders.
Representing a 4% stake in the business, a large proportion of these shareholders are also clients of Coinmetro.
“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,” said CEO Kevin Murcko.
“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.”
In August 2022, the platform introduced a 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.