Singapore-based digital assets institution Cabital announced that it raised $4 million during its latest seed funding round.
The seed round was led by SIG GLOBAL, Dragonfly, and GSR, and increased the firm’s valuation to $40 million. In addition to further developing its proprietary digital wealth management software, Cabital said that the funding would support the growth of European ambitions and help onboard senior talent.
SIG Partner Lu Guo acknowledged Cabital’s potential in his company’s decision to lead the investment round. “As cryptocurrency becomes more mainstream, Cabital is proposing new investment opportunities for crypto-wealth management products, which will meet regulatory compliance standards as well as maintain strong leadership in this growing market that’s increasingly globalized,” Lu said.
Payments in Euros
Cabital will include many features that will facilitate entry into digital assets, especially for Europeans. For instance, while some firms require up to €1,000 as a minimum deposit to purchase cryptocurrencies in Euros, Cabital won’t require a minimum or maximum deposit amount.
According to the company, “this will enable customers in the European Union to on-ramp with EUR into digital assets and off-ramp with cryptocurrencies into EUR.” Cabital’s ambition is to not only be a trusted on-and-off ramp solution but also the digital wealth management platform of choice for Europeans.
To capture these immense opportunities across Europe, Cabital will add SEPA to its list of payment methods. This will allow customers to seamlessly move between euros and crypto by the end of Q3.
The purpose of Cabital is to empower people to earn passive income safely and securely with their cryptocurrencies. To this end, the company’s main product, Cabital Earn, a cryptocurrency wealth management platform, enables customers to acquire higher returns on their investments of up to 12% APY.
Cabital Earn also offers free bank deposits in euros, as well as daily accrued interest. Additionally, Cabital doesn’t issue any native tokens. Because of this, customers avoid any hidden fees associated with staking platform tokens, as well as market volatility risks. But Cabital is still able to offer up to 12% APY by sharing up to 80% of its investment income with customers.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.