Finoa, a regulated cryptocurrency custodian for financial institutions and private investors, has closed a $22 million Series A funding round led by venture capital firm Balderton Capital. Coparion, Venture Stars, Signature Ventures, and several others undisclosed investors also took part in the funding round.
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While the exact figure of the custodian's revenue remains unknown, Henrik Gebbing, Finoa Co-Founder, said that the company increased its revenue more than fiftyfold over the past year.
"Finoa was the only custodian to support the mainnet launch of many leading crypto networks like Dapper Lab’s FLOW protocol, NEAR, and Mina," the company said in an announcement.
To date, Finoa is reportedly serving over 250 customers, including industry leaders like CoinList and major cryptocurrency funds. The investments will be used to build new products and services, scale up the team and meet the rapidly growing institutional interest for cryptocurrencies.
As iHodl earlier reported, ZenGo, a non-custodial cryptocurrency wallet, also $20 million in a Series A funding round led by Insight Partner, a global private equity and venture capital firm. While ZenGo processed over $100 million in cryptocurrency transactions over the past year, it surpassed this milestone in Q1, 2021 alone, the company emphasized.
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