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Estonian-based crypto startup Kriptomat closes EUR 2.2m led by Bulgaria’s LAUNCHub Ventures

The Kriptomat team; image: © LAUNCHub

Estonian-based cryptocurrency exchange Kriptomat OÜ announced the closure of a EUr 2.2m funding round led by Bulgarian venture fund LAUNCHub Ventures. Apart from the strategic investment, LAUNCHub Ventures has also signed a strategic partnership agreement with the startup.

“Decentralized exchanges are appealing to crypto experts”, said LAUNCHub’s founding partner Lyuben Belov, “but they don’t provide the education and support needed by newcomers to the crypto world.” “Kriptomat is a friendly, open, easy-to-use onramp into the crypto world – plus a deep bench of features to retain users and keep them engaged,” he added. “Our experience allows us to help them improve hiring, retention, and other critical non-crypto elements of their business. It’s a winning combination.”

Kriptomat in a nutshell

Kriptomat was founded in 2018 by Serbian born Srdjan Mahmutovic and Dejan Davidovic. The company is based in Estonia and has development teams in Serbia and Slovenia.

The crypto startup’s approach to the cryptocurrency market begins with its #EverybodyDeservesCrypto vision. The exchange’s mission is to make buying, selling, and using crypto funds easy, secure, and inexpensive – attributes that are necessary for serving the world’s 7.5 billion future crypto users.

“Decentralized exchanges are exciting,” says Kriptomat CEO Srdjan Mahmutovic, “but they lack the central resource library, support staff, and tutorial information that are needed by newcomers. Our goal is to make crypto easy enough for everyone, even people who lack degrees in computer science.”

Mahmutovic says the infusion of cash from LAUNCHub Ventures will allow Kriptomat to speed the development and deployment of advanced features to buttress its leading position among international cryptocurrency exchanges. LAUNCHub’s investment will also help fuel Kriptomat’s growth as it reaches an ever-growing audience of crypto users and investors.

Researchers at the Cambridge Centre for Alternative Finance estimated in Sept. 2020 that worldwide, about 106 million people currently use or invest in cryptocurrencies. That’s an impressive number, but it leaves more than 7.5 billion people who have not yet set up crypto wallets or purchased digital currencies.

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