Cryptocurrency portfolio manager CoinStats recently secured $3.2 million in capital.
The investment round was led by Alex Pack’s Hack VC, along with contributions from various other funds such as Mike Dudas’s 6th Man Ventures. The funding “is instrumental in financing the development and promotion of CoinStats’ new killer features, which aim to expand DeFi to millions of users.”
The raise comes after a solid 2021 for CoinStats, which “grew its user base by 8x in 2021 to reach 1.2M monthly active users, cumulatively tracking $500 billion worth of assets (of which $20 billion are guaranteed to exist via synchronized exchange accounts).”
This helped CoinStats “boost revenue by six times in 2021, setting it up for a new product line in 2022.” The platform will “leverage its strength and user acquisition success to bring integrated DeFi features to its users.”
The CoinStats app will “enable its users to join DeFi protocols and directly place funds on them in order to earn yield.”
This makes CoinStats “a DeFi aggregator, directing the millions of total users to the protocols listed on the app.” This can “help push DeFi to the mainstream as the sector remains relatively niche in terms of number of users, despite attracting billions from high net worth individuals.”
Narek Gevorgyan, Founder & CEO of CoinStats, stated:
“With the new funds we will expedite our product development and growth delivering better financial products to our users. I immensely value the input and support of our investors, their belief in CoinStats’ vision propels us forward.”
Alex Pack, Founder of Hack VC, remarked:
“We’re proud to back CoinStats, the largest crypto portfolio manager app in the world. Crypto is the first truly new asset class in over a century and it is diverse, with thousands of tokens, NFTs, and dozens of DeFi applications and other DApps where investors can use their tokens. CoinStats has built the essential infrastructure to allow users to truly track what they do with their crypto.”
As mentioned in the update, CoinStats was founded in 2017. It is “a free cryptocurrency portfolio management app and DeFi wallet.”
It provides 1.2 million monthly active users “the ability to track their crypto, DeFi, and NFT holdings in real-time from over 300 exchanges and wallet providers all in one place.”
With over $500 billion worth of crypto managed via the app, CoinStats “is on its way to becoming the only platform users will need to explore the ever-evolving world of crypto and DeFi.”