Easy Crypto, a New Zealand-based local crypto market, received huge funding of $17 million from major investment fund administrators. After the successful financing round, Easy Crypto is seriously considering an IPO. According to the reports, Easy Crypto’s funding offer was oversubscribed. It resulted in various domestic and foreign players leading the funding round.
Some of them included Nuance Connected Capital (an Auckland-based Venture Capital), Ice House Ventures, Pathfinder KiwiSaver, and several other overseas actors. Among these foreign players, the CEO and co-founder of Easy Crypto, Janine Grainger, stated that the profitable funding round was a breakthrough event for the company and the entire crypto business sector of New Zealand.
Grainger also said Easy Crypto received much constructive feedback during its meetings with the big investors. These pitch meetings were held during the company’s boom, even before they received the gigantic funding. Grainger also mentions that even though they have good funding, it was quite challenging to find investors, primarily because of the controversy and uncertainty surrounding the crypto industry.
She says, “Cryptocurrency is seen as a bit fringe still, a bit volatile, and I think it’s taken us a while to find investors who perhaps had that forward-looking and strategic vision to be able to take a punt on what we’re doing.” It was constant research and struggled for 13 months, after which they received their first investment. And then the company boomed and went to collect a whopping $17 million over three weeks.
Easy Crypto, a New Zealand-based company, was started towards the end of 2017 by the current CEO, Grainger, and her brother Alan. Their startup was backed by the growing interest of New Zealand online operators from the gambling industry that reported their confidence in Bitcoin.
Easy Crypto runs like an online retailer dealing with Bitcoin and cryptocurrency. The company deals with a total of 150 different crypto coins to consumers. The company buys these currencies from the suppliers at the lowest possible price range and then offers them to the customers.
This company has attracted more than 150,000 consumers from parts like – New Zealand, South Africa, Australia, and Brazil. The company has recorded over $1.1 billion in crypto sales through its platform in the past three years.
In this boom period, Grainger has generated a whopping $5 million in revenue in the past financial year. In the current year, the company is on its way to generating double the revenue it developed in the previous year. The company’s underlying profit was about $3.7 million in the past financial year. This year, it is expected to fall as the company secures more investment.
Easy Crypto – a Brief Overview
Easy Crypto is a crypto platform for trading. Here, you can buy and sell crypto coins without any hassle. It is the quickest, safest, and most convenient way to buy and sell digital currency such as Bitcoin, Tron, Ethereum, etc. Easy Crypto ensures you that they don’t save your fund details or private info.
But, you control all your funds and the accounts and transaction details. Easy Crypto considers the safety of its consumers a top priority. You can trade in more than 100 different digital currencies. Easy crypto does not charge any hidden fees and the rates displayed at the outset include everything. Their service is available 24/7, and you can have any support you need.
Grainger stated that their funding would significantly boost the company’s operation. It will act as fuel to expand the range of what they are offering. It also allows them to set foot into new markets of Indonesia and the Philippines. Grainger sees an excellent opportunity in this capital injection.
“We’re targeting those markets because there is a large population of people who are unbanked or underbanked and don’t have the same access to financial products as you and I do.” In the long term, Grainger is really considering a share float.
As a company, she says, “We are still working out what that looks like, and what plans there are for us into the future, but very likely we would be looking at an IPO (initial public offer).” As for her and her team’s motivation, she opines, “But what’s really driving us is, more importantly, what we will be delivering for customers, and what we will be delivering for customers globally.”
She further states, “I see Easy Crypto as being a real New Zealand success story, a household name up there with Rocket Lab and Xero, and something that New Zealanders can point to as a way that we have had a global impact on the world.”
Adrien Gheur, Founding Partner of Nuance Capital, notes that “Easy Crypto is a New Zealand-based business helping to remove barriers to financial products for people worldwide. This aligns with our investment strategy in deep technology that provides smart, scalable solutions to global problems.”
It is worth noting that Easy Crypto has strategically established itself in new markets to make more profits and expand its product range. IPO is a significant decision to make, but then they have been supported by big backers who have funded their company.