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OpenTrade focused on providing yield-bearing stablecoins to users in countries with high inflation.
The UK-based crypto company offers yields of up to 9% on EUR and USD.
The latest fundraising brings the total raised to $11 million.
OpenTrade has raised $7 million in a strategic funding round led by Notion Capital and Mercury Fund, with participation from A16z Crypto, AlbionVC and CMCC Global. The fundraising brings the total raised to $11 million within six months, following a $4 million extension round announced in November last year, the UK-based startup said in an announcement on Wednesday.
The company plans to use the fresh capital to expand into Europe and Latin America. OpenTrade’s yield-bearing stablecoins target users in countries with high inflation, offering yields of up to 9% on EUR and USD.
OpenTrade’s “Yield-as-a-Service” platform allows fintech apps, exchanges and neobanks to offer yield-bearing products to their customers, with the likes of Spain-based Criptan and Lottio in Colombia using the platform to offer users interest of up to 9% on euros and dollars.
OpenTrade claims to manage $47 million in assets, and has “processed close to $200 million in volume”, after about 20% growth over the past month.
Commenting on the announcement, Samantha Lewis of Mercury Fund said in a statement: “OpenTrade is building core financial infrastructure for the next generation of fintech.”
On the other hand, Notion Capital’s Itxaso del Palacio believes that given the rising interest in stablecoins that has seen the value rise to a $240 billion market cap, OpenTrade’s infrastructure is a crucial foundation for the sector.
Stablecoins represent one of the crypto industry’s fastest-growing segments with multiple players launching niche products. Earlier this week, Plasma, which is building an EVM-compatible sidechain on Bitcoin focused on stablecoins raised $500 million from an initial coin offering on Sonar.
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The post OpenTrade Accelerates Expansion to Latin America and Europe with $7M in Funding appeared first on NFTgators .
