Crypto Investment Platform Change Closes £3.7 Million Crowdfunding Round at Post Money Valuation of £175 Million

Crypto exchange Change is reporting having closed a £3.7 million securities crowdfunding at a post-money valuation of £175 million.

According to the company’s website, investors had three options to participate in the firm:

  • a securities offering on Funderbeam
  • Purchase CNG tokens that gives you equity exposure through a convertible note agreement; For every 792,000 CNG tokens, you receive 1% ownership when converted to Change shares. CNGs can be bought via their app
  • A CAG token that can be used to purchase services through Change

Change said that 50 private investors backed the digital asset investing platform as it plans international expansion following trading volumes reaching $1 billion. Change said that it currently has approximately 85,000 verified customers an increase of 190% from May 2020. Change said the growth has come from retail investors.

Change said it will use the funding to grow the team, develop its platform further and expand into European and Asian markets.

Reportedly, interest from Change’s existing investment community resulted in the round being over-subscribed within 48 hours.

Investors are said to be primarily composed of Change’s original crowdfunding members from an earlier funding round, who have continued to be involved in the project since 2017, as well as existing shareholders.

Change notes that it is one of the few trading platforms which doesn’t charge fees on Bitcoin trades. It also has a minimum deposit of just €10.

Kristjan Kangro, founder and CEO of Change, commented:

“We started with a mission to empower everyone everywhere to benefit from investing – be it with cryptos or more traditional trading instruments. Not only did this mean creating a platform that was simple to use, but it also meant being independently funded and driven by our community. To see so many of our original investors from back in 2017 continuing to believe in and support us is incredibly inspiring. Together we’ve achieved tremendous growth over the past year especially, and our ambitious expansion plans aren’t showing any signs of slowing down.”

Change was founded in 2016 by Kangro and Gustav Liblik (CPO). Change is backed by Roger Cook, former Global CEO of DHL, and Hans van der Noordaa, former CEO of the Retail Division of ING Bank and Chairman of Deloitte.

Change claims over 7,000 private investors and has raised more than $21 million in funding to date.


Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!



Sponsored Links by DQ Promote

 

 

Send this to a friend