Founded in 2018, Crypterium entered the crypto market at the perfect time; the industry was entering a new stage of global visibility and institutional support was on the up. Crypto users wanted to make use of cryptocurrency as easily as they would of fiat currency, and Crypterium offered all this and more.
Now, over three years later, the company is still going strong and has recently completed a Europe-only funding round that raised an impressive €3.1 million. The company has also spoken about potentially holding more funding rounds that will include the rest of the world.
Crypterium Defies Expectations
Initially, Crypterium intended to raise €1 million from its Europe-only fundraising round but this goal was exceeded in under 36 hours. Eventually, the campaign, which was held on Seedrs, raised a total of €3.1 million, with over 2600 investors involved.
The company now has a valuation of €85M and is planning to hold more fundraisers that will include investors outside of Europe. Currently, European investment laws did not allow them to take part but the company is looking to hold more fundraisers that will hopefully follow in the same path of success.
Now that the crowd-investing has closed the company has given an update on how funds will be dispersed. Some of the purposes include B2B business unit expansion, global marketing efforts, fiat currency licenses, and improvement of product and customer support.
It’s worth mentioning that members of the Crypterium team themselves participated in the fundraising round, contributing over €600,000 to this private equity sale. The reason cited for this was a strong belief in Crypterium’s potential and the desire to see it grow.
Crypterium entered the cryptocurrency market when it was approaching a new stage of growth and its management expects the market to grow even more in the near future.
“Sooner or later, everyone will realize the power of digital currencies. A couple of years ago, no one could imagine that central banks would consider developing their own cryptocurrencies. And here we are — with bankers worldwide racing to join this exciting revolution of the financial system. I believe Crypterium is uniquely positioned to take advantage of this new era” said Steven Parker, current Chief Executive Officer and former General Director at VISA.
Why Crypterium is on Top
While the amount of money raised by the company within such a short amount of time is very strong, the company has established itself over the years as the go-to place for digital asset management. Some of their most popular offerings include the Crypterium Wallet and the zero-fee Crypterium Card.
The wallet allows for the easy storage of digital assets on both Android and iOS devices as well as desktops in over 170 countries. The Crypterium VISA card allows users to shop at over 42 million retailers worldwide as well as withdraw money from ATMs the same way they would with a regular debit card.
From the Crypterium platform, users can send funds internationally at zero fees, can buy and exchange digital assets with ease, can make payments in cryptocurrency, cash out their existing digital assets to traditional bank cards, and can earn interest on their digital assets by taking advantage of Crypterium’s high-yield savings accounts.
All these options made Crypterium popular among its over 400,000 users across the globe and in 2020, the company was able to increase its monthly gross profit with a turnover of €150.000.000 tenfold. Having conquered the European fundraising scene, the company is expected to announce dates for fundraising in the rest of the world.
“This first private equity sale was an overwhelming success for us. Yet, we recognized that many investors and Crypterium enthusiasts couldn’t join because of the platform’s country restrictions. As a global startup, we are working on alternatives to give everyone a chance to get involved and build the future of finance right by our side,” said Crypterium’s COO Austin Kimm.
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