The Franco-German private bank invests in the largest French cryptocurrency platform.
Despite a bearish cryptocurrency market since last November, the French company Coinhouse continues fundraising to give itself the means of its ambition: to become the first European cryptobank. After announcing a fundraising of 15 million euros in January, the cryptocurrency exchange platform announces that it has completed a funding round of 40 million euros on Tuesday. Among the investors are the Franco-German private bank Oddo BHF, the investment funds True Global Ventures, Tioga Capital, XAnge Siparex Innovation, Raise Ventures, CF Partners, ConsenSys, Expon Capital as well as several large French families and business leaders. .
This is the first time in France that a so-called “traditional” finance player has invested in a specialist crypto player. “Traditional players in the financial world and capital investors are beginning to grasp the enormous potential of the crypto market, despite its cycles and upheavals linked to its innovation potential and its youthunderlines Nicolas Louvet, co-founder and CEO of Coinhouse. “We are convinced that blockchain technologies will redefine the contours of many industries, including finance” indicates, for his part, Benoît Claveranne, Chief Transformation & Development Officer of Oddo BHF.
Democratize investment in cryptos
The first French player to have obtained registration with the Autorité des marchés financiers (AMF) as a digital asset service provider (PSAN), Coinhouse wants to democratize investment in cryptocurrencies to a wider public of savers and businesseswithin a regulated framework that guarantees the peace of mind of investors“, insists its co-founder. With this new substantial fundraising, Coinhouse will be able to further accelerate the development of its service offering to these two targets.
Beyond the possibility of buying and selling around fifty cryptocurrencies, the platform has already been offering cryptoasset savings management products since last fall, such as the Crypto Account (paid at 5% but without guaranteed capital) and managed management (which defines a level of exposure according to a profile). It wants to continue to develop its crypto asset management business and facilitate payment in cryptos for both the general public and its professional customers.
Since the beginning of the year, Coinhouse has also been advising companies that want to position themselves on Web3, this new stage in the development of the Internet, based on decentralization, ownership and the exchange of value. The company claims to have already supported more than 20 major French and international brands by enabling them to securely acquire and hold land in metaverses, or to accept payments in crypto immediately converted into euros for the sale of objects. or non-fungible tokens (NFT), without having to manage the complexity of a portfolio or the accounting management of volatile assets.
The company, which has a subsidiary in Luxembourg where it has obtained registration with the local financial regulator, expects to double its turnover abroad in 2022. Last year, less than 10% of its overall revenue – 15 million euros – came from activities outside France. To achieve this objective, the group will study external growth opportunities.
Profitable since October 2020, the company has quadrupled its workforce in less than two years, and employs more than 100 people.
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