With support from A16Z Crypto, AlbianVC and CMCC Global, Opentrade has led $ 7 million in a strategic round. The latest funding brings up the total drums of the London-based company up to $ 11 million in just six months, a sign of investors in the push of startups to bring a yield-bearing stebcoin for users in unstable economies.
The company runs a “Yield-A-Service” platform designed for Fintech apps, exchanges and neobanks. Customers such as Crypton in Spain and Litio in Colombia use Opentrade’s backnd to earn interest on USD and EUR holdings – up to 9%.
In countries such as Argentina or Colombia, where dollars bank accounts are rare and provide negligible interest, apps operated by Opentrade earn users directly meaningful returns from their phones. For example, in Colombia, banks provide less than 0.4% APR on dollars. Littio users can get up to 6%.
Opentrade manages $ 47 million in property and has processed close to $ 200 million in quantity, increasing 20% month a month. Capital injection will help in operating the scale of the company and improve its technical stack.
Samantha Lewis of Merkari Fund said, “Opentrade Fintech is creating a core financial infrastructure for the next generation.” Itxasaso del Palasio of the Notion Capital stated that Stabelins makes a required foundation for the sector of Stabelins’ $ 240 billion market cap opcentrade.
