Easy Crypto, a digital currency marketplace located in New Zealand, is seriously contemplating an IPO after raising $17 million in investment.
The funding for Easy Crypto was allegedly oversubscribed. Nuance Connected Capital, Pathfinder KiwiSaver, Ice House Ventures, Hutt Capital, and Seven Peaks Ventures were investors in the round.
As per Adrien Gheur, Nuance Capital’s Founding Partner,
“Easy Crypto is a New Zealand-based business helping to remove barriers to financial products for people all over the world. This aligns with our strategy to invest in deep technology that provides smart, scalable solutions to global problems.”
It’s important to note, though, that the firm’s initial round of investment took about 13 months. “But we have found it quite difficult to get investors over the line, particularly because of the industry we are in,” said Janine Grainger, co-founder, and CEO.
Notwithstanding the delay, the Series A financing is the largest ever raised by a New Zealand company. The firm made $5 million in sales the previous financial year, as per the executive. Furthermore, it intends to increase the amount in the current fiscal year. Proposals to go public might be in the works as a result of this.
“We are still working out what that looks like, and what plans there are for us into the future but very likely we would be looking at an IPO.”
Other prominent crypto exchanges that function in New Zealand are Binance, Coinbase, and Gemini. Coinbase had its Nasdaq launch in April of this year, with New Zealanders allegedly investing $1 million in the IPO.
Furthermore, the creators of Binance and Gemini have stated in different interviews that they intend to launch an initial public offering. These exchanges, like Easy Crypto, have a global presence.
Digital currencies are not controlled in New Zealand in terms of rules. On the other hand, the government urges residents to make transactions using local platforms that are registered with the Financial Service Providers Register (FSPR) and keep New Zealand dollars in a trust account.
This week, New Zealand saw the launch of the country’s first Bitcoin-only fund. According to sources, Kiwi investors can also participate in foreign exchange-traded funds (ETFs) that have Bitcoin holdings.