P2P Crypto Exchange AirTM Raises $7M USD In Series A Fundingbr>
Financial services startup AirTM has raised $7 million in a Series A funding round led by BlueYard Capital.
Founded in 2015, AirTM operates a unique blockchain-and-bank-connected digital wallet and peer-to-peer exchange platform that provides globally-connected financial services to consumers and businesses in emerging markets, with an initial focus in Latin America. It enables its clients to send, receive, or simply save their money as dollars in the cloud. AirTM connects clients who want to make a deposit or withdrawal to or from the cloud with certified AirTM cashiers who make a commission completing those transactions.
AirTM said that the new funding will be used to foster continued growth across multiple e-markets in Latin America. The goal is to expand its product offering to millions of people who are still largely held captive by restrictive, unreliable, and costly local financial industries run by archaic banking and government institutions.
“We’ve driven huge growth by enabling the exchange of a diverse range of financial assets at free market rates and providing a digital wallet to hold those assets,” said Ruben Galindo, AirTM’s Co-Founder and CEO. “BlueYard shares our mission to bring reliable and innovative financial services to billions of people in the developing world. BlueYard also understands the potential of decentralizing our peer-to-peer exchange platform via the AirProtocol in order to create thousands of additional bridges to our financial services throughout Latin America and in other emerging markets.”
Based in Berlin, BlueYard is a venture capital firm that focuses on early-stage enterprises. It has been a lead investor behind some of the most successful blockchain projects, such as Protocol Labs / IPFS, Decred, Filecoin, and OB1.
“AirTM has created a new financial infrastructure that can help hundreds of millions of people in emerging markets gain financial liberty and participate in a resilient exchange of assets outside of traditional banking systems,” said Jason Whitmire, Partner at BlueYard. “We are excited to back this passionate team and look forward to supporting the company in developing the AirProtocol.”
The Series A round follows a seed round completed in November of 2017, raising $2 million from Mexico City-based Ignia and Hong Kong-based Wintech Ventures.