- BTC Direct, a Dutch crypto platform, has raised almost $13m in its series A funding round
- BTC has been operating since 2013, funded only by its founders
- The business is looking to use the money to expand its product line
BTC Direct, a Dutch crypto broker, previously funded solely by its founders, has seen success in its first round of funding. Speaking today, BTC announced this as its first serious boost in funds. Investors remained undisclosed, but the platform’s head of marketing and communications has established that a European investment group is amongst several financial backers.
The broker began seven years ago and has established its presence as a trusted platform for buying and selling cryptocurrency. Its core business involves buying coins on international exchanges at a large-scale to sell on its own platform. BTC Direct offers Bitcoin, Litecoin, Ethereum Ripple, and Bitcoin cash to investors who store their currency in a digital wallet. The platform’s streamlining of reliable payment methods, such as Visa and Mastercard Credit Card, allows for speedy, convenient transactions.
Although a growing crypto broker, BTC have been criticized for their high fixed fees that do not align with other brokers operating in the Netherlands. Equally, the platform is subject to Dutch laws, which, as previously reported, have taken a tougher stance on cryptocurrency security. Verifications are required for any transactions exceeding €100 with spending limits of €1000/day once ID has been verified. To increase spend, greater verification is required.
BTC Direct in the Future
Aside from fiat-to-crypto exchange, BTC Direct owns and operates BLOX, a crypto trading app, as well as a hardware wallet. The business is clearly keen on expansion, with CEO Mike Hutting stating,
‘Continuous focus is being spent on product development and broadening our marketing efforts’.Mike Hutting, CEO, BTC Direct
It is expected this injection of funding will be partially used to boost marketing endeavors. The business’ statement also says the support will allow BTC Direct to diversify its product offering and hire key talent.