finance
OpenTrade Raises $17 Million for Stablecoin and Real-World Asset Platform
London-based OpenTrade announced a $17 million funding round led by Mercury Fund and Notion Capital. The company, which has received prior backing from a16z Crypto, said the capital will support infrastructure expansion and team growth. OpenTrade reported $5.67 million in total value locked and more than $250 million in transaction volume last year.
May 6, 9:13 AM·1m read2 sources
CoinDeskAudio version
Tap play to generate a narrated version.
Developing·Limited corroboration so far. This page will refresh as more sources emerge.
London-based OpenTrade announced on Wednesday that it raised $17 million in a funding round led by Mercury Fund and Notion Capital, with participation from a16z Crypto, AlbionVC and CMCC Global. The round brings the company's total funding to more than $30 million. The company said it will use the capital to expand both its permissioned and permissionless infrastructure.
It also plans to grow its asset management and trading teams. OpenTrade provides infrastructure that enables fintechs, exchanges, wallets and institutional clients to offer stablecoin yield products backed by real-world assets. The company reported $5.67 million in total value locked and more than $250 million in transaction volume processed last year.
The stablecoin market has grown to more than $310 billion in supply. This growth has increased demand for infrastructure connecting digital assets to yield strategies across traditional and decentralized finance, according to the company. >OpenTrade has made it simple for fintechs and neobanks to plug institutional-grade stablecoin yield into their products.
The platform is expanding to serve non-custodial platforms, treasuries and asset issuers seeking a safe, scalable way to connect stablecoins to diversified yield strategies. — David Sutter, OpenTrade’s CEO and co-founder (CoinDesk) The latest round follows earlier backing from a16z Crypto.
OpenTrade said the funding comes as it expands its offerings for clients seeking stablecoin-based yield products.
