Singapore-based digital assets institution Cabital raised $4m in seed funding led by SIG, Dragonfly, and GSR, pushing the company’s valuation to $40m.
The company, which had previously raised $3m in angel funding, intends to use the funds to advance growth in Europe, onboard senior talent and further develop its proprietary digital wealth management platform. It already has a presence in Singapore, Malaysia, Mainland China, Republic of Lithuania and the British Virgin Islands.
Led by co-founder and CEO Raymond Hsu who previously held leadership roles in Citibank, Standard Chartered Bank, eBay and Airwallex, Cabital’s offering dubbed Earn boasts of a cryptocurrency wealth management platform for customers to try to acquire high returns on their investments in cryptocurrencies up to 12% APY. Customers can subscribe to flexible and fixed-term savings plans in USDT, BTC, and ETH.
Cabital is registered in the Republic of Lithuania as a cryptocurrency exchange operator and a cryptocurrency depository wallet operator and has entities incorporated in the British Virgin Islands, Singapore, Malaysia and Mainland China. It carries out its activities in accordance with European AML/CTF principles and Financial Crime Investigation Service’s requirements.
Cabital will now also be including SEPA to its list of payment methods to support seamless transitions between euros to crypto and vice versa. By doing so, the platform will be effectively removing minimum and maximum deposit requirements while offering users the flexibility of making deposits and withdrawals in any of the supported cryptocurrencies or fiat. It is protected by Fireblocks, one of the most secure wallet solutions in the industry.
Hsu said, “Our purpose is to simplify investing in the crypto world for average investors with a product that’s simple, secure and sensible. Regardless of whether you’re a new or an experienced investor, we help you get more out of your digital assets to get you closer to your life goals sooner.”
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