With the growing adoption and acceptance of crypto assets, more and more crypto-related businesses and service providers are rising. In addition, they take their visions of expanding in the sector very seriously.
However, regulations in the crypto industry have limited the goals of some companies. Most high-level regulators require compliance with certain rules for the operation of crypto service providers in their regions. These include registration and other licensing approvals by the country’s watchdogs.
Coinmetro, a crypto exchange, has expressed its plans for global expansion in a new development. This plan prompted the company to embark on a fundraiser that generated around 7 million euros (worth 7 million dollars). According to the firm reportthe exchange is now valued at 180 million euros.
Exchange expansion plans using funds
The exchange has revealed its intention to use the funds raised to further its visions for expansion in the UK, US and Europe. Additionally, he cited his ongoing creation of some passive income products. These products are intended to help its customers manage periods of rising inflation and interest rates.
Coinmetro mentioned that the funding round marks the precursor to the company’s Series A round for the first quarter of 2023. The funds are being generated by three pioneer investors and more than 100 other shareholders in the company.
Founded in 2018, Coinmetro is a trading platform that provides mobility between blockchain-based virtual assets and traditional markets. Additionally, the company provides a platform for trading crypto assets through its operation as a crypto exchange.
It engages both beginners and professionals on its web-accessible trading platform. Also, it runs an Initial Coin Offering (ICO) platform.
Based in Tallinn, Estonia, Coinmetro is regulated by the FIU in Estonia. Additionally, it is registered with the Financial Crimes Enforcement Network (FinCEN) of the United States. In addition, Conmetro is regulated by the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) and Australian regulators. The company is currently processing its license application in the UK.
Coinmetro prepares for the next evolution of crypto
Coinmetro CEO Kevin Murcko while reacting to the funding round cited the company’s readiness for the next stage of crypto. He mentioned the expectation of more volatility in the space after the single year for crypto assets.
Murcko said only those who understand the dynamics of the market will reap the growth of the upcoming phase.
Additionally, the CEO praised the company’s outstanding ideas and planned to bring them to fruition in the months and years to come. He revealed that the funding provides them with the right financial support to bring the visions and ideas to fruition for the benefit of their clients.
According to him, such a decision confirms their goals of success despite the impact of the bear market on the entire system.
Featured Image From Pixabay, Charts From Tradingview