raises fresh capital in round led by Kingsway Capital

Quick Take

  • Crypto services company raised additional capital from a series of investors in a deal that closed early in the third quarter.
  • The company was valued at $14 billion in a previous funding round in March. raised an undisclosed amount of additional capital in a round led by UK-based investment firm Kingsway Capital.

While the company didn't disclose the total amount, said that the deal closed sometime during the early third quarter and also included Baillie Gifford and Lightspeed Venture Partners as investors, Bloomberg first reported.

"Our strategic financing comes in a moment of continued momentum for," said the company's CEO and co-founder Peter Smith in a blog post, citing recent regulatory approvals to operate in Singapore, Italy, Dubai and the Cayman Islands.

The founder of Kingsway Capital, Manny Stotz, has become a "trusted advisor" to the company's leadership team, Smith said.

"As weathers the turbulent markets we couldn’t ask for a better partner by our side to chart the way forward," he also said. was valued at $14 billion earlier this year in a Series D funding round led by Lightspeed Venture Partners.

The crypto company provides services ranging from trading to lending and custody. Just recently, it gained Singapore’s approval to offer payment services. Founded in 2011, it is also one of the oldest in crypto.

The firm had significant exposure to Three Arrows Capital, having lent out $270 million before the hedge fund collapsed.

“Three Arrows is rapidly becoming insolvent and the default impact is approximately $270 million worth of cryptocurrency and US dollar loans from,” said a shareholder letter written by CEO Peter Smith in July.

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