Institutional funds accelerate growth of NZ cryptocurrency firm Easy Crypto
NZ cryptocurrency firm Easy Crypto announced it has closed a NZD$17m funding round, led by sovereign-backed Nuance Connected Capital.
This Series A is understood to be the largest first funding round completed by any New Zealand firm, with no prior angel or seed capital raised by Easy Crypto.
The round was oversubscribed by fifty percent. Further investment, in excess of NZD$10 million, has already been indicated by large blockchain fund managers for a subsequent Series A+.
The Series A was led by sovereign-backed Nuance Connected Capital, with investment from leading ethical KiwiSaver provider, Pathfinder, Icehouse Ventures, Even Capital, Indonesia-based GDP Venture and US-based Hutt Capital and Seven Peaks Ventures.
Easy Crypto is a retail platform enabling customers to buy, sell and trade over 150 cryptocurrencies.
Founded three years ago by siblings Janine and Alan Grainger, the firm has experienced rapid growth, recording over NZD$1.1 billion in sales, with platform user numbers multiplying almost five times over the past 12-months.
Easy Crypto CEO, Janine Grainger, said the successful Series A round is a key milestone for both Easy Crypto and the future of the New Zealand cryptocurrency sector.
“The calibre of institutional investors and high level of interest demonstrates increasing confidence in the role of cryptocurrency in the financial ecosystem.”
Funds raised will be deployed to accelerate further growth through product development, investment in talent and technology and expansion into new customer markets.
Janine Grainger concluded, “We’re excited about the next stage of innovation and firmly focused on delivering great experiences for our staff and customers, while achieving growth for our investors”.
“There is currently a once-in-a-generation opportunity for countries like New Zealand to take a leadership role in the global cryptocurrency sector. It has the potential to bring in considerable economic benefits and we see Easy Crypto as playing a significant role in the New Zealand success story”.