Crypto broker BTC Direct raises $13 million in Series A

Cryptocurrency • October 19, 2020, 8:21AM EDT

Dutch crypto broker BTC Direct has raised €11 million (about $13 million) in Series A from undisclosed investors.

Toon Schraven, head of marketing and communications at BTC Direct, told The Block that a European investment group is one of the Series A backers, among other private investors.

Founded in 2013 as a crypto broker, the Netherlands-based BTC Direct also provides fiat-to-crypto onramp gateway to exchanges and wallets providers. It also operates a crypto trading app called BLOX and a private trading desk, as well as offers a hardware wallet, Schraven told The Block.

With the fresh capital in place, BTC Direct plans to double its current team of 50 within the next 18 months, said CEO Mike Hutting. "Continuous focus is being spent on product development and broadening our marketing efforts," said Hutting, without disclosing specific details.

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