It’s only been a few weeks since fintech startup Crypterium announced plans to hold a private equity sale. At the time, the company also revealed that the sale was going to take place on Seedrs, an investment platform known for strict controls on who gets to hold its sale. After weeks of waiting — the equity sale has finally started.
Crypterium Equity Sale Is On Fire
The sale started on March 9th, and pre-registered investors strike a chance to help revolutionize modern finance. Crypterium aims to achieve this by using the power of blockchain technology to bring quality financial services to all corners of the world, as its CEO Steven Parker noted.
On the pre-registration stage, the company registered interest from more than 7500 investors pledging 21+ million euros. The initial goal of the private equity sale was 1.000.000 EUR and it was reached in a record time of 36 hours. The next stage will open on March 15 and it will targe every potential investor out there.
Mr. Parker, who used to hold the position of General Manager at Visa, decided to switch to blockchain technology, as it has greater potential to bring powerful financial services to the most remote corners of the world.
The company has already done a lot in the last two years to achieve its goals, which allowed it to start servicing over 170 countries, where it currently offers its flagship product — Crypterium Wallet. The wallet already has 350,000 users, and as such, it can be considered very successful. The company established its brand as one of the biggest and best ones when it comes to white label solutions for businesses.
Its wallet and payment infrastructure attracted an impressive number of users, and the company became the world’s first full-service, ready-made crypto solution.
However, to take the next step, it requires help from its investors, hence the private equity sale which will allow pre-registered and verified investors to contribute to its mission.
Crypto Explodes in the Middle of a Global Pandemic
Much of Crypterium’s growth took place last year, in 2020. Back then, the interest in cryptocurrency started to grow at a rapid pace, comparable only to what happened in 2017, when the Bitcoin price surged to $20,000. This time, however, the effect was much greater and much stronger. This time, cryptos were not coming out from the shadows — they simply started shining brighter than ever before, and a lot more people saw it, including institutional investors.
The global coronavirus pandemic also had a strong impact on how the crypto industry spread. While the pandemic was extremely damaging — taking away more than 2.38 million lives, causing a sharp rise in unemployment, shutting down businesses, causing the financial industry to crash, and more — it also pushed people towards crypto. The promise of instant, contactless payments anywhere in the world, the ability to earn through trading, and more, allowed Crypterium to see a 10x growth in monthly profits. The company’s turnover reached 150 million EUR, and it still continues to grow.
Evidence of this is the fact that in less than two months of 2021, the firm managed to earn half of what it earned in the entire 2020.
A Sale on Seedrs Sets Investors’ Minds at Ease
Of course, turning to cryptocurrencies had a consequence on the crypto industry, as well. Bitcoin price skyrocketed to reach $48,000 on February 8th, 2021, and the bullish market attracted institutional investors, as well as more retail investors and traders than ever before.
The price surge allowed for the crypto market cap to hit $1 trillion in early January, and then skyrocket to $1.5 trillion in mid-February.
In the midst of all of this, Crypterium decided to hold its equity sale, and it proved its legitimacy by selecting to hold it on Seedrs. As some may know, Seedrs is rather well-known for how strict it is when it comes to its rules, and how selective it is when it comes to who can trade on its platform. The platform will eliminate any firm that may have any legal controversies or uncertainties, and Crypterium’s decision to go through Seedrs’ rigorous legal checks encouraged many while causing a lot of others to believe that the firm will be rejected.
However, as it is known now, Crypterium passed all the checks and it will now complete its equity sale to start achieving several goals, including expansion to new regions, increasing its trading volume, the number of users, and even launching its Visa program and pushing its B2B service.
Edward is a finance expert that experienced the 2007 stock market crash first hand. In 2010, he discovered Bitcoin and has been a cryptocurrency advocate ever since.