As crypto assets are becoming more widely accepted and adopted, there is a rise in the number of service providers and firms that specialize in crypto. They are also taking seriously their sector expansion plans.
However, crypto industry regulations have placed limitations on some firms’ goals. For crypto service providers to operate in their respective regions, most top-tier regulators must comply with certain rules. This includes registration or approval of licenses by country watchdogs.
Coinmetro is a cryptocurrency exchange that has announced its intentions to expand globally. It was inspired by this plan to raise $7 million (roughly 7 million euros) for its global expansion plans. According to the firm’s report, the exchange is now valued at 180 million euros.
Funds and Expansion Plan Plans from The Exchange
This exchange announced its intentions to make use of the money to support its expansion plans in Europe, USA, and UK. The exchange also mentioned the creation of passive income product. They are designed to help its customers deal with periods of increased inflation or high interest rates.
Coinmetro mentioned that the funding round marks the forerunner of the firm’s Series A round for the first quarter of 2023. Funds are raised by three investors who were pioneering and over 100 shareholders.
Coinmetro, a trading platform that facilitates the movement between virtual assets and traditional market capitals, was established in 2018. Through its operations as a crypto exchange, Coinmetro also provides an opportunity for cryptocurrency asset trading.
The platform is accessible online and it engages professionals as well as beginners. The company also operates an initial coin offer (ICO), platform.
Coinmetro, headquartered in Tallinn (Estonia), is subject to the Estonian FIU regulation. Additionally, Coinmetro is registered with United States Financial Crimes Enforcement Network. Conmetro is also under regulation by the Financial Transactions and Reports Analysis Center of Canada(FINTRAC), and Australian regulators. The company is currently processing an application for a U.K. licence.
Coinmetro Prepares For Next Crypto Evolution
The CEO of Coinmetro, Kevin Murcko, while reacting to the funding round, cited the firm’s preparation for crypto’s next stage. After the year of crypto assets, he mentioned that he expects more volatility.
Murcko stated that those who are able to understand market dynamics will reap the benefits of the next phase’s growth.
Further, the CEO commended the firm’s outstanding ideas and planned to bring them to reality in the coming months and years. They were able to use the funds for financial support in realizing their visions, and ideas for customers’ benefit.
This, he said, confirms that they are determined to continue to be successful in spite of the negative impact the bear markets have on the system.
Pixabay's Featured Images, and Charts by Tradingview