OpenTrade has raised $7 million in a strategic round led by Thought Capital and Mercury Fund, with backing from a16z crypto, AlbionVC, and CMCC Global. The latest funding brings the London-based completely firm’s total haul to $11 million in precisely six months, a signal of investor self belief within the startup’s push to raise yield-bearing stablecoins to users in unstable economies.
The firm runs a “yield-as-a-carrier” platform designed for fintech apps, exchanges, and neobanks. Customers cherish Criptan in Spain and Littio in Colombia declare OpenTrade’s backend to let users fabricate ardour — as a lot as 9% — on USD and EUR holdings.
In countries cherish Argentina or Colombia, the place buck bank accounts are uncommon and offer negligible ardour, apps powered by OpenTrade let users fabricate meaningful returns straight from their phones. In Colombia, as an illustration, banks offer decrease than 0.4% APR on dollars. Littio users can acquire as a lot as 6%.
OpenTrade manages $47 million in resources and has processed discontinuance to $200 million in quantity, rising 20% month over month. The capital injection will abet the firm scale operations and strengthen its tech stack.
“OpenTrade is constructing core monetary infrastructure for the following technology of fintech,” stated Mercury Fund’s Samantha Lewis. Thought Capital’s Itxaso del Palacio added that stablecoins’ $240 billion market cap makes OpenTrade’s infrastructure a fundamental foundation for the sector.
