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Cryptocurrency exchange Easy Crypto closed a $12 million series A funding round led by Nuance Connected Capital with the participation of Indonesian and US venture capital companies, the Kiwi exchange announced in a press release today.
A new kind of venture capital fund
Nuance Connected Capital is a new kind of fund, which supported the round with investments from Pathfinder, an ethical pension provider, and Indonesia-based GDP Venture. Other investors who took part were Even Capital, Icehouse Ventures, Seven Peaks Ventures, and Hutt Capital.
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Nuance brings the knowledge and resources exceptional New Zealand entrepreneurs need to take their business to the world market.
Easy Crypto will use the funds to expand on new markets
That’s exactly what Easy Crypto plans to do with Nuance’s help. The exchange announced they would use the funds obtained in the round, which was oversubscribed by 50%, to expand globally into new markets. They pointed out they would grow their business in Southeast Asia. The exchange has established a presence in Australia, South Africa, and the Philippines.
Buy and sell over 150 cryptos
The platform lets users exchange over 150 cryptocurrencies. Its users have grown fivefold in the three years since it was established. Easy Crypto CEO and cofounder Janine Grainger told CoinDesk:
This funding will accelerate our global growth trajectory, making cryptocurrency easily accessible to even more customers across the world. It is a clear endorsement of what the Easy Crypto team has achieved to date and the growth potential of the platform.
Main focus is on safety and security
Easy Crypto offers the possibility of trading with confidence, as they guarantee full protection of all orders. The exchange stores neither funds nor private keys. The user always has full control of their funds. What’s more, the platform does not charge any hidden fees. The user pays what they see. Trade is possible 24/7.
NZ dollar reserves back stablecoins
Earlier this year, it emerged that an accounting firm would ensure compliant stablecoin launches in New Zealand by confirming New Zealand dollar reserves backing the stablecoin on a quarterly basis.