Finnish bitcoin broker Prasos has generated €2.5m of equity financing, paving the way for the start-up to develop cryptocurrency based investment services for traditional investors.
The investment round attracted more than 1,000 investors both locally and internationally, and saw the Finnish fintech cede 15% of its equity.
The round closed on 23 December, 12 days earlier than the official closure date.
Prasos’s plan is to use the proceeds to expand to new markets and launch a Cryptocurrency Investment Fund.
Prasos’ CEO, Henry Brade, said: “We have a very positive view of the future of our sector and expected the round to be successful, but the reception that we received in the market exceeded all our expectations.”
Brade said: “The general interest towards cryptocurrencies has increased significantly, but the current services are not very user friendly.”
“The sector is quite complex especially for non-tech-savvy investors and therefore the development of a traditional investment product that combines the cryptocurrency market and our knowledge about the different technologies is very interesting and has clear demand.”
Prasos is currently eying a potential future listing on the Nasdaq First North marketplace.