European cryptocurrency exchange Cryptoand has raised $13 million in a Series A funding round. It was led by venture capital firms Ribbon Capital and Paradigm.
According to The Block, this is the first cryptocurrency investment by Ribbit Capital in the UK. The round was also attended by the current investor SequoiaCapitalIndia and the founder of the startup CREDIT Channel Shah.
“The EU can become one of the world’s largest cryptocurrency markets,” Paradigm said.
Launched in June 2020, Cryptoand will spend the proceeds to improve the product and improve security.
Recall that on December 29, the EU regulator proposed to impose an 18% tax on cryptocurrency trading.