Crypto exchange Coinmetro seeks US and European expansion amid bearish market
With the growing use and acceptance of cryptoassets, more crypto-related firms and service providers are on the rise. Moreover, they take their expansion visions in the sector very seriously.
However, crypto industry regulations have placed limits on some companies’ goals. Most top-level regulators require compliance with some rules for the operation of crypto service providers in their regions. These include registration and other license approval from the country’s watchdogs.
Coinmetro, a crypto exchange, expressed its plans for a global expansion in a new development. This plan prompted the firm to embark on a fundraising round that generated around 7 million euros (worth $7 million). According to the company’s report, the stock exchange is now valued at 180 million euros.
Expansion plans from the stock exchange with the help of funds
The exchange revealed its plans to use the funds raised to boost expansion plans in the UK, US and Europe. It also cited the ongoing creation of some passive income products. Such products are intended to help customers deal with periods of rising inflation and interest rates.
Coinmetro mentioned that the funding round marks the precursor to the firm’s Series A round for the first quarter of 2023. The funds have been generated from three pioneering investors and more than 100 other shareholders in the firm.
Founded in 2018, Coinmetro is a trading platform that ensures mobility between blockchain-based virtual assets and traditional markets. The company also offers a platform for trading crypto assets through its operation as a crypto exchange.
It engages both beginners and professionals on its internet-accessible trading platform. It also runs an initial coin offering (ICO) platform.
Coinmetro is headquartered in Tallinn, Estonia, and is regulated by the FIU in Estonia. In addition, it is registered with the United States Financial Crimes Enforcement Network (FinCEN). Conmetro is also regulated by the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) and Australian regulators. The firm is currently processing its application for a UK licence.
Coinmetro is preparing for the next crypto evolution
Coinmetro CEO Kevin Murcko, while reacting to the funding round, cited the firm’s preparation for crypto’s next stage. He mentioned the expectation of more volatility in the space after the unique year for crypto assets.
Murcko said that only those who understand market dynamics will reap the growth from the upcoming phase.
Furthermore, the CEO praised the firm’s outstanding ideas and planned to bring them to reality in the coming months and years. It revealed that the funding gives them the right financial support to actualize their visions and ideas for the benefit of their customers.
According to him, such a move validates their goals to remain successful despite the bear market’s impact on the entire system.
Featured Image From Pixabay, Charts From Tradingview
