Finoa collects USD 22 million

Tuesday 4 May 2021 14:17 CET | News

Germany-based crypto custodian Finoa has received USD 20 million in funding from UK-based venture capitalist Balderton for its next phase of growth and plans to build a crypto bank.

The British investor Balderton, who has financed fintechs such as Revolut and Nutmeg, has invested in Finoa. A large part of the funding goes to the company, a smaller part to secondaries, meaning old investors who sell their shares. The Finoa platform supports over 150 different tokens including the flow protocol, which is mainly used for non-fungible tokens (NFTs). The focus of the service is on security and the systems are protected against hacker attacks with high technical standards such as hardware security modules.

According to a Finoa representative, the crypto assets are stored in highly secure data centers in Germany. One of Finoa’s sources of income is staking, meaning Finoa earns when companies make their crypto assets available and receive remuneration. In the future, Finoa aims to offer other financial services. Trading partners such as Germany-based Bankhaus Scheich, will be integrated via its own platform. The company states that customers will be able to exchange fiat currencies for crypto directly through Finoa in the future. With the money from the financing round, the crypto custodian wants to develop into a crypto bank in the years following 2021.

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Keywords: investment, funding, cryptocurrency, crypto asset
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: Germany
This article is part of category

Blockchain & Cryptocurrencies