KoinBasket, a cryptocurrency investment start-up, has raised US$2 million in an early-stage funding round with the participation of leading global crypto veterans, the company said in a statement.
See related article: India’s crypto shakedown be damned, CoinDCX raises $135 million
Fast facts
- The Singapore-based company will use the funds for product and geographical growth, technology investments, and to expand its team.
- The “pre-seed” fundraiser drew participation of Polygon cofounder Sandeep Nailwal, former Binance director Omar Rahim, Ripple managing director Navin Gupta, and executives from Citi, Google and Accenture, among others.
- Founded in 2022 by Khaleelulla Baig, a wealth-tech entrepreneur, the startup aims to “become the Vanguard [Group] and BlackRock for the next billion crypto investors across the world.”
- KoinBasket’s fundraiser comes at a time when the Monetary Authority of Singapore (MAS) is seeking to develop the financial hub into a “responsible crypto hub” with stringent licensing procedures and protections for retail investors.
- Baig said: “We believe there is a strong need to fill the global vacuum of crypto mutual funds with thematic crypto baskets that are easy to understand and simple to invest for retail investors.”
See related article: Caught between a rock and a hard place, Singapore tightens crypto oversight