Change, a cryptocurrency investing platform for retail investors, has closed a $4.5m crowdfund from 50 private investors at a $214m valuation.
Change will use the funding to grow the team, further develop its platform and expand in European and Asian markets.
The round being was oversubscribed within 48 hours as Change’s original crowdfunding members, who’ve continued to be involved in the project since 2017, as well as existing shareholders, took part.
Change has expanded significantly in the past year due to the ever-growing interest from retail investors in cryptocurrency trading and investing. Its team has experienced rapid growth, doubling to 60, with plans to expand in Europe and Asian markets. Furthermore, Change gained 85,000 verified customers – a 190% increase from May 2020 and achieved a milestone of $1bn traded since its founding in 2016.
The trading platform, which doesn’t charge fees on Bitcoin trades, has a low minimum deposit of €10 and has built a user-friendly interface geared towards beginners.
Founded in 2016 by Kristjan Kangro and Gustav Liblik, Change is a growing community of investors in 30 countries. Backed by Roger Cook, former Global CEO of DHL and Hans van der Noordaa, former CEO of the Retail Division of ING Bank and Chairman of Deloitte, Change’s goal is to become “the most used, simplest investment app in the EU.”
Commenting on the round, Kangro said, “We started with a mission to empower everyone everywhere to benefit from investing – be it with cryptos or more traditional trading instruments. Not only did this mean creating a platform that was simple to use, but it also meant being independently funded and driven by our community.
“To see so many of our original investors from back in 2017 continuing to believe in and support us is incredibly inspiring. Together we’ve achieved tremendous growth over the past year especially, and our ambitious expansion plans aren’t showing any signs of slowing down.”
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