$1.8 million have been raised by Donut, a cryptocurrency investment app provider in a seed funding round.
This Berlin-based startup made a statement on Thursday saying that the round was led by Redalpine, a preliminary venture capital firm. Other investors incorporate technology venture funds Entrepreneur First and EarlyBlock, N26 bank board member Marcus Mosen, AngleList’s Andy Chung, and Philip Moehring, and some others.
The foundation of the mission of this firm sits on the principle that making a digital asset portfolio is an intimidating task for the majority of retail investors and, therefore, aims to formulate the process into something easier. Currently, in beta, the app will most probably see a public launch this summer.
Neel Popat, the CEO, and co-founder of Donut alleged in an announcement that:
The company believes that the majority of people will resolve to have most of their assets stored in digital possessions by the next ten years. Ranging from partial ownership of art pieces or land possessions in virtual reality to cryptocurrencies, it could be just about anything.
Donut’s mission is to give power to everyone to become an investor in that foreseen future.
Popat made a statement that he couldn’t offer details on fee structures or which crypto assets were supported yet as the firm is still in the product development process.
Though, he did say that Donut’s target market is the “amateur or first-time” crypto investors. The company’s goal is to make investing in crypto more convenient for the common consumer and to educate them about crypto, investments, and fundamental technologies.
A ‘gamified user interface’ in the app lets the user invest in baskets of digital assets says Popat, with optimization for frequent micro-investing transactions.
Donut said that it has strategies to develop its design and engineering teams with the new funding, in addition to further growing its product plus strengthening partnerships.
Harald Nieder, a board member of Donut and Redalpine partner stated that, even as digital assets have several advantages over traditional assets, they are short of a singular access point for users to suitably manage, transact, and accumulate.
Donut which was founded in 2018 is run by ex- Accenture, N26, and Google employees.
Donut commented that the Payment services (PSD 2) Directive of EU is highly influenced by the app to get rid of various issues in the general processes of trading and storing digital assets, further adding that ‘over 5,000’ users are already on the waiting list.