Bitcoin Broker Prasos Raises $2.9M USD in Equity Crowdfundingbr>
Bitcoin broker Prasos has raised €2.5 million ($2.9 million USD) in its latest equity crowdfunding campaign on the Invesdoran equity-based crowdfunding platform, based in Finland. The funding round was launched last month and quickly secured its minimum €750,000 funding target.
Founded in 2012, Prasos is a bitcoin service provider in the Nordic countries. It focuses on the exchange of cryptocurrencies and asset management. Prasos claims to have more than 50,000 customers with a total exchange value of €80 million ($95 million USD). The company also claimed that it is handling €8 million ($9.5 million USD) in transactions per month. Revenue consists mainly of exchange commissions.
Prasos said the latest funding will be used to expand internationally, with the aim of making bitcoin investing mainstream. To achieve this goal, the company will further develop its Coinmotion investment platform and establish commercial partnerships with traditional companies providing investment services. The company said they are “the leading provider of bitcoin services in the Nordic countries,” and next step is to become the “leader in Europe and expand its service range under the Coinmotion brand.”
“Since our first Invesdor funding round in 2015, our revenue has quadrupled, and by the end of this fiscal year, we are seeing our revenue increase at a faster pace,” said Prasos CEO Henry Brade. “The company is currently highly profitable, but as the sector is growing rapidly, we need to invest in the international expansion with larger stakes. We also want to further develop our investment services to regular investors that want to diversify their investment portfolios into cryptocurrencies.”