The Germany-based startup Donut raises over $1.8 million in a seed funding round led by early-stage venture capital firm Redalpine.
The crypto investment app provider told on Thursday that the investment round, led by Redalpine, had other investors including technology venture funds such as AngelList’s Philipp Moehring and Andy Chung, EarlyBlock and Entrepreneur First, N26 bank board member Marcus Mosen, and others.
Donut called its mission of formulating a portfolio for digital assets a highly “daunting task” and the firms is aiming to simplify the process for most retail investors. Donut’s investment application is currently in the beta phase and it is expected a much more robust version of it will be completed and launched by the second quarter of 2019.
Firm’s CEO and co-founder, Neel Popat, said in an announcement, “We believe most people will have the majority of their wealth stored in digital assets within the next decade. That could be anything from cryptocurrencies to fractional ownership of art or owning a piece of unique land in virtual reality.”
Popat added that the firm aims to empower everyone into becoming a crypto investor. Donut is currently in its product development phase and its CEO refused to provide any details about the fee structure or supported digital currencies yet.
However, Popat did reveal that their target market will remain newbie crypto investors. The firm hopes to make investing in cryptocurrencies more accessible and educate the average consumer about crypto trading, investing and its underlying technology
The beta app is structured in a way to allow the user to trade in baskets of cryptocurrencies via a “gamified user interface,” Popat said, also the app is optimized for the repeating micro-investing transactions.
Donut is planning to grow its design and engineering teams through the recently raised funding, also further develop the product that the company is currently working on and strengthen its old partnerships.
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