The Singapore-based Cabital digital assets institution has received a significant boost following the successful conclusion of its seed funding round. The fundraising round witnessed marquee investors led by SIG, Dragonfly and GSR infuse $4 million in working capital, effectively pushing the company’s valuation to $40 million.
The influx of fresh funds into the company will enable Cabital to further develop its proprietary digital wealth management platform while expanding its footprint in the European continent. The platform’s growth plans will be supported by the addition of experienced industry hands to its workforce.
Announcing the latest development, Co-founder and CEO Raymond Hsu said, “Today, Cabital has crossed an important milestone in our journey to build an alternative and safe financial industry. Our purpose is to simplify investing in the crypto world for average investors with a product that’s simple, secure and sensible. Regardless of whether you’re a new or an experienced investor, we help you get more out of your digital assets to get you closer to your life goals sooner.”
On a mission to empower people by enabling them to earn passive income with cryptocurrencies, Cabital designs and develops state-of-the-art crypto-wealth management products. Its flagship wealth management platform, Cabital Earn offers returns of up to 12% APY to users in the form of daily accrued interest fueled by an 80% share of its investment incomes. In addition, it also provides free bank deposits in euros and a transparent investment tracking and management interface.
Soon Cabital will be including SEPA to its list of payment methods to support seamless transitions between euros to crypto and vice versa. By doing so, the platform will be effectively removing minimum and maximum deposit requirements while offering users the flexibility of making deposits and withdrawals in any of the supported cryptocurrencies or fiat (euros).
Meanwhile, Lu Guo – Partner at SIG expressing their pleasure for being part of Cabital’s journey said, “We’ve decided to lead Cabital’s seed round of funding as we see a massive surge in crypto investment. As cryptocurrency is now coming into the 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.”
Founded in 2020 by Raymond Hsu – a tech and banking professional who previously held leadership roles in Citibank, Standard Chartered Bank, eBay and Airwallex, Cabital has a presence in Singapore, Malaysia, Mainland China, Republic of Lithuania and the British Virgin Islands. It also possesses crypto exchange and crypto depository wallet operator licenses and abides by the European AML/CTF compliance requirements. Joining Hsu in Cabital’s leadership team are professionals who have served in various capacities at leading traditional finance and banking institutions like JPMorgan, Nomura Securities and UBS.
With a combination of hard work and timely investments, Cabital expects to present its users with significant upgrades to its platform by the end of Q3 2021.
Image by TheDigitalWay from Pixabay
