4 days ago
OpenTrade has raised $7 cardinal successful a strategical circular led by Notion Capital and Mercury Fund, with backing from a16z crypto, AlbionVC, and CMCC Global. The latest backing brings the London-based company’s full haul to $11 cardinal successful conscionable six months, a awesome of capitalist assurance successful the startup’s propulsion to bring yield-bearing stablecoins to users successful unstable economies.
The institution runs a “yield-as-a-service” level designed for fintech apps, exchanges, and neobanks. Clients similar Criptan successful Spain and Littio successful Colombia usage OpenTrade’s backend to fto users gain involvement — up to 9% — connected USD and EUR holdings.
In countries similar Argentina oregon Colombia, wherever dollar slope accounts are uncommon and connection negligible interest, apps powered by OpenTrade fto users gain meaningful returns consecutive from their phones. In Colombia, for instance, banks connection little than 0.4% APR connected dollars. Littio users tin get up to 6%.
OpenTrade manages $47 cardinal successful assets and has processed adjacent to $200 cardinal successful volume, increasing 20% period implicit month. The superior injection volition assistance the institution standard operations and amended its tech stack.
"OpenTrade is gathering halfway fiscal infrastructure for the adjacent procreation of fintech," said Mercury Fund’s Samantha Lewis. Notion Capital’s Itxaso del Palacio added that stablecoins’ $240 cardinal marketplace headdress makes OpenTrade’s infrastructure a needed instauration for the sector.
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