App-Controlled Bank Raises $20M From Galaxy Digital and More

By Luke Flowers – Cryptocurrency Broker

The app-controlled online bank, Current, permitting Visa debit cards and personal checking accounts under parent supervision, has raised over $20 million from Galaxy Digital EOS VC Fund and other investors.

In an Oct. 24 blog post, Current announced the news that it had raised over $20 million in a Series B round from investors such as Galaxy Digital EOS VC Fund, CUNA Mutual Group’s venture capital arm CMFG Ventures and asset management company Wellington Management Company. No information was disclosed whether these investors buy and sell Bitcoin or if this was the investment vessel.

The bank also received fresh new financial support from early-stage investment firm Elizabeth Street Ventures, Expa and venture capital firms QED Investors startup studio for entrepreneurs to create and launch new companies.

With this latest line of contributions, Current acquired a total investment of $45 million, whereas the number of accounts that were registered with the bank has broken the 500,000 thresholds.

At the end of September, Galaxy Digital EOS VC Fund had also taken part in a $15 million funding round for Sydney-based blockchain gaming startup, Immutable. Other investors included American private investment firm Apex Capital, Sydney-based VC firm Reinventure, and Naspers, the biggest shareholder of Tencent. Many gaming firms seem to be entering the space as they could exploit the mechanisms used for buying Bitcoin to power in-game currency or credit.

In fact, October has witnessed a wide range of noteworthy industry-wide investments like Bitcoin Sussie, a Swiss crypto broker, receiving a share of $3 million from CoinRoutes Inc., which is a provider of pan-exchange smart order routing and algorithmic trading software. Crypto investment and infrastructure platform Layer1 also acquired $50 million from various industry stakeholders in a Series A funding round. It appears that recently, many companies are willing to invest in cryptocurrency related firms and not necessarily those buying and selling Bitcoin.

Capital investment may have slowed but this month shows many are still interested in joining the space or continue its development.

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