New Funding Round Values Relai at $20m
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An editor at Coincrop
07 Mar 2023 | 4 min read
elai, a European-based bitcoin investment platform, announced their successful completion of a $4.5 million funding round that has propelled the company to an impressive valuation of over $20 million!
Jeff Booth's Ego Death Capital spearheaded the financing round, with additional investments from Lightning Ventures, Redalpine, Fulgur Ventures and other contributors as announced by Relai on Tuesday.
Relai’s latest seed extension round raised its post-money valuation to a whopping $20 million, as company CEO Julian Liniger shared with The Block. This subsequent increase in funding followed their previous rounds that amounted to an impressive total of $3 million. Consequently, the current sum brings their overall fundraising journey up to an inspiring$7.5 million.
Founded in 2020 by Liniger and Adem Bilican, Relai is a revolutionary Bitcoin-based investment app based in Switzerland. Although the crypto market experienced a downturn during this time, Relai persisted to increase its user base at an impressive rate of 10% each month! As we enter into 2023, the company is expecting their first quarter revenue and volume to shatter all previous records.
With an outstanding 60,000 active users across Europe and more than $100 million invested in bitcoin through its app, Relai is rapidly becoming the go-to platform for crypto enthusiasts. To provide even better service to customers, they plan on launching a few noteworthy features this year: zero-fee trading will be available starting Q2; in Q3 they're introducing their white label product that enables other fintechs to offer fiat-crypto trading; and lastly, support for Lightning Network transactions arrives by Q4.
With the goal of growth in mind, Relai plans to extend its current team of 20 by another 5 members this year, according to Liniger.
This year, Relai introduced a new corporate entity that permits SMB's to add bitcoin as an asset on their balance sheets. "We've already got some of our pioneering customers who have invested in and adopted bitcoin through the company," Liniger said without revealing names. Additionally, there are dozens more business owners eager to add it to their holdings—a testament to its increasing popularity.
Staunchly determined to remain a Bitcoin-only platform, Relai's CEO Liniger affirms that the world pioneering and leading cryptocurrency is "the sole crypto-savings technology and all other coins/tokens are mainly for startup companies or speculative trading purposes."
MikeAn editor at Coincrop
Mike is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely putting his latest car project back together.
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