Crypto Investment App Donut Raises $1.8 Million in Seed Funding


0

Cryptocurrency investment app provider Donut has raised $1.8 million in a seed funding round.

The Germany-based startup told CoinDesk on Thursday that the round was led by early-stage venture capital firm Redalpine. Other investors included technology venture funds EarlyBlock and Entrepreneur First, AngelList’s Philipp Moehring and Andy Chung, N26 bank board member Marcus Mosen, and others.

The firm bases its mission on the premise that creating a digital asset portfolio is a “daunting task” for most retail investors and, thus, aims to make that process simpler. The app is currently in beta and is expected to see public launch this summer.

Donut co-founder and CEO Neel Popat said in the announcement:

“We believe most people will have the majority of their wealth stored in digital assets within the next decade. That could be anything from cryptocurrencies to fractional ownership of art or owning a piece of unique land in virtual reality.”

“Our mission is to empower everyone to become an investor in that future,” he added.

As the firm is still in the product development process, Popat told CoinDesk he couldn’t provide details on supported crypto assets or fee structure yet.

However, he said Donut’s target market is “first-time” crypto investors. “We want to make crypto investing more accessible for the average consumer and help them educate about investing, crypto and the underlying technologies,” he said.

The app allows users to invest in baskets of digital assets through a “gamified user interface,” according to Popat, and is optimized for recurring micro-investing transactions.

With the new funding, Donut said it plans to grow its engineering and design teams, as well as further develop its product and strengthen partnerships.

Redalpine partner and Donut board member Harald Nieder commented that, while digital assets have many benefits over traditional assets, they “lack a single access point for holders to conveniently store, manage and transact.”

Founded in 2018, Donut is led by ex-Google, Accenture and N26 employees.

The app leverages the EU’s Payment services (PSD 2) Directive to “remove some of the common on-ramp issues with buying and storing digital assets,” Donut said, adding that “over 5,000” users have already joined its waiting list.

Founding team image courtesy of Donut  (Neel Popat on left)


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
coindesk

Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Countdown
The Classic Internet Countdowns
Poll
Voting to make decisions or determine opinions
Ranked List
Upvote or downvote to decide the best list item
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format