Rocketplace crypto exchange lands $9m seed funding
Seed funding worth $9 million has been raised at the startup crypto exchange Rocketplace. It is a US-based startup looking to enter the digital asset management space. The firm aims to allow investors to do commission-free cryptocurrency trading. It is currently dealing with over 30 different tokens on which it charges 0% commission.
Recently, the company started a financing round in which it was able to secure a $9m in its seed funding round. It is quite remarkable as the market is going through a bear run, and cryptocurrencies are rapidly losing their value. Moreover, many digital asset companies like Celcius and Voyager have filed for bankruptcy.
Earlier, one of the leading decentralised cloud computing networks, Cudos, concluded its series of funding rounds and secured over £10 million.
Rocketplace plans to grow its crypto offering with seed funds
Ben Hutchinson and Louis Beryl, who are the co-founders of Rocketplace, will mainly focus on fund management and distribution. They believe that cryptocurrencies are likely to see an explosion of new projects. And in this scenario, services related to administering and distributing funds will be in high demand.
Also, Louis Beryl mentioned that their distribution model will also be in full compliance with regulations. It will educate investors to comprehend the regulations to correctly follow them. This is why they claim ‘to not just be another exchange’.
How did Rocketplace secure the seed fund crypto?
As of now, Rocketplace is only a 10-member company, having two experienced co-founders. Both Hutchinson and Beryl have been in the industry for a long period. They have worked with firms like Earnest, Y Combinator, a16z, and SolidEnergy Systems. Their reputation of prior experience and expertise allowed the startup to secure substantial funding in the seed round.
It acquired financing from renowned firms like Accomplice, TTV, Soma Capital, and Menlo Ventures. Moreover, throughout the funding round, Launchpad Capital was the lead investor for the firm.
Author: Wasay Ali
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