Easy Crypto, a New Zealand-based local crypto market, received a massive $17 million in funding from major mutual fund managers. After the successful round of financing, Easy Crypto is seriously considering an IPO. According to the reports, Easy Crypto’s funding offer was oversubscribed. This resulted in various domestic and foreign players leading the round of funding.
Some of them were Nuance Connected Capital (an Auckland-based venture capital), Ice House Ventures, Pathfinder KiwiSaver and several other foreign players. Among these foreign players, Easy Crypto CEO and co-founder Janine Grainger stated that the profitable funding round was a breakthrough for the company and the entire New Zealand crypto business sector.
Grainger also said that Easy Crypto received a lot of constructive feedback during its meetings with the big investors. These pitch meetings took place during the company’s boom, even before they received the gargantuan funding. Grainger also mentions that despite good funding, it has been quite difficult to find investors, mainly because of the controversy and uncertainty surrounding the crypto industry.
She says, “Cryptocurrency is still seen as a bit of a fringe, a bit volatile, and I think it took us a while to find investors that maybe had that forward-thinking and strategic vision to be able to get on to put what we are doing.” It was a constant research and struggle for 13 months, after which they received their first investment. And then the company boomed, raising a whopping $17 million in three weeks.
story
Easy Crypto, a New Zealand company, was founded in late 2017 by current CEO Grainger and her brother Alan. Their startup has been bolstered by growing interest from New Zealand online operators in the gaming industry, who have expressed their confidence in Bitcoin.
Easy Crypto runs like an online trader that trades bitcoin and cryptocurrency. The company distributes a total of 150 different crypto coins to consumers. The company buys these currencies from the suppliers at the lowest possible price range and then offers them to the customers.
This company has attracted more than 150,000 consumers from parts such as New Zealand, South Africa, Australia and Brazil. The company has seen over $1.1 billion in crypto sales through its platform over the past three years.
During this boom period, Grainger generated a whopping $5 million in sales last fiscal year. In the current year, the company is on the way to doubling the turnover of the previous year. The company’s underlying earnings for the past fiscal year were approximately $3.7 million. A decline is expected this year as the company secures more investments.
Easy Crypto – a brief overview
Easy Crypto is a crypto trading platform. Here you can easily buy and sell crypto coins. It is the fastest, safest and most convenient way to buy and sell digital currencies like Bitcoin, Tron, Ethereum, etc. Easy Crypto ensures that your fund data or private information is not stored.
But you control all your funds and the accounts and transaction details. Easy Crypto considers the security of its customers to be a top priority. You can trade more than 100 different digital currencies. Easy Crypto does not charge any hidden fees and the prices shown at the beginning include everything. Their service is available 24/7 and you can get any assistance you need.
investment scenario
Grainger stated that their funding would significantly boost the company’s operations. It will serve as fuel to expand the range of offerings. It also allows them to enter new markets in Indonesia and the Philippines. Grainger sees this capital injection as an excellent opportunity.
“We’re targeting these markets because there’s a large demographic of people who are unbanked or unbanked and don’t have the same access to financial products that you and I have.” Longer-term, Grainger is indeed considering an IPO.
As a company, she says, “We’re still working on what that looks like and what plans there are for us in the future, but very likely we would consider an initial public offering.” What motivates her and her team she says, “But what really drives us is, more importantly, what we’re going to deliver to our customers, and what we’re going to deliver to our customers around the world.”
She continues, “I see Easy Crypto as a real New Zealand success story, a household name up there with Rocket Lab and Xero, and something New Zealanders can point to, as a way in which we’ve had a global impact on the world to have .”
Final Thoughts
Adrien Gheur, Founding Partner of Nuance Capital, notes that “Easy Crypto is a New Zealand company that is helping to break down barriers to financial products for people worldwide. This aligns with our investment strategy in Deep Technology, which provides intelligent, scalable solutions to global problems.”
It is worth noting that Easy Crypto has strategically established itself in new markets in order to generate more profits and expand its product range. Going public is an important decision, but then they were backed by big lenders who funded their company.
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