Crypto Exchange Coinmetro Seeks US And Europe Expansion Amid Bearish Market
With the increasing adoption and acceptance of crypto assets, more crypto-related firms and service providers are rising. Also, they are taking their expansion visions in the sector very seriously.
However, crypto industry regulations have placed limitations on some firms’ goals. Most top-tier regulators require the fulfilment of some rules for the operation of crypto service providers in their regions. These include registration and other license approval from the country watchdogs.
Coinmetro, a crypto exchange, expressed its plans for a global expansion in a new development. This plan propelled the firm to embark on a fundraising round that generated about 7 million euros (worth $7 million). According to the firm’s report, the exchange is now valued at 180 million euros.
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Expansion Plans From The Exchange Using Funds
The exchange revealed its plans to utilize the raised funds to boost its expansion visions in the UK, US, and Europe. Also, it cited its ongoing creation of some passive income products. Such products are meant to assist its customers in handling periods of increasing inflation and interest rates.
Coinmetro mentioned that the funding round marks the forerunner of the firm’s Series A round for the first quarter of 2023. The funds are 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. Also, the company provides a platform for crypto asset trading through its operation as a crypto exchange.
It engages both beginners and professionals on its internet-accessible trading platform. Also, it runs an initial coin offering (ICO) platform.
Headquartered in Tallinn, Estonia, Coinmetro is under the regulation of the FIU in Estonia. In addition, it is registered with the United States Financial Crimes Enforcement Network (FinCEN). Also, Conmetro is under the regulation of the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) and Australian regulators. The firm is currently processing its application for a U.K. license.
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. He mentioned the expectation for more volatility in the space following the unique year for crypto assets.
Murcko said that only those who understand the market dynamics would reap the growth from the coming phase.
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Further, the CEO commended the firm’s outstanding ideas and planned to bring them to reality in the coming months and years. It revealed that the funding offers them the proper financial support to actualize the visions and ideas for the benefit of their customers.
According to him, such a move confirms their goals to remain successful despite the bear market impact on the entire system.