Cryptocurrency listing platform CoinList has completed a $100 million Series A funding round, a fundraising exercise that gives the firm a total valuation of $1.5 billion and achieves unicorn status.
CoinList, a trading app for new digital assets, which launched in 2017, announced on Tuesday, October 26, that cash fundraising will assist the firm to develop its business operations, support its community of early adopters, and launch new products offerings.
“This represents a major milestone in our mission to accelerate the advancement and adoption of crypto,” adding that it will use the funds to scale up its offerings and better support its community, CoinList stated in its announcement.
The company said that it focused its fundraising in the Middle East, Europe, and Asia; these regions are the fastest-growing.
The fundraising exercise was led by venture funds Accomplice and Agman, with other participants, including Fenbushi Capital, DFG, CMT Digital, FBG Capital and others.
CoinList platform is designed to help investors gain access to new token projects before they are listed on major exchanges like Binance or Coinbase. New crypto projects such as Flow, Algorand, Mina, and Solana have used CoinList to disseminate their tokens.
CoinList has witnessed its clients increase by 42 times over the previous year, a trend that indicates a significant adoption of cryptocurrencies across the world. Its biggest sources of growth over the previous year came from the UK, Japan, Russia, Venezuela, and Turkey. The firm currently has 4.5 million users across more than 170 nations.
The crypto trading on the app has surged this year, with the firm stating that its monthly trading volume has risen to $1 billion in 2021 alone.
Venture Investment Surges in Crypto
Running a cryptocurrency business startup is difficult and achieving success is even more difficult.
CoinList has joined the list of +700 unicorns worldwide that have reached the $1 billion valuations by raising funds from venture capitalists.
Achieving such a status is extremely difficult and means that CoinList has remained resilient and achieved great success in its business operations.
As venture capital firms continue flooding the cryptocurrency and digital asset space with more money, a series of unicorns are emerging, unlike anything the space has ever seen before.
About 18 unicorns – firms with a valuation of $1 billion or more – have been seen this year, and from that total number of unicorns, two-third comes from the crypto space.
Such valuations have been driven up by the more than $12.1 billion in venture dollars invested worldwide in the crypto sector – three times what was seen last year.
As reported by Blockchain.News, other cryptocurrency unicorn startups include Coinbase, Paxos, Kraken, BlockFi, Blockstream, CoinDCX, and others.
Cryptocurrency is experiencing its moment because of the sector’s maturation. Everything that goes along with such evolution makes firms such as BlockFi, Ledger, BitPanda and others hit the unicorn mark.
Meanwhile, this month, investors have flocked to the crypto space, following the approval of the first-ever Bitcoin backed Exchange-Traded Fund.
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