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  • Solana Foundation reports remarkable growth in developer retention in 2023

    Solana Foundation reports remarkable growth in developer retention in 2023
    January 9, 2024 News
  • ECB

    When exactly should we expect ECB to start rate cuts?
    January 9, 2024 News
  • Federal Reserve and rate cuts

    Federal Reserve and the rate cut rodeo of 2024
    January 9, 2024 News
  • Spot Bitcoin ETFs gain momentum as SEC reviews amended filings

    Spot Bitcoin ETFs gain momentum as SEC reviews amended filings
    January 9, 2024 News
  • Bitcoin

    Bitcoin developers to preserve Nintendo games on Ordinals
    January 9, 2024 News
  • GBTC

    GBTC drops to new low as Grayscale falls in ETF fees race
    January 9, 2024 News
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  • CIO

    CIO Dive’s 2024 Tech Trends: AI, Cloud, and More
    January 9, 2024 News
  • LLMs

    Generative AI and LLMs: Transforming Healthcare and Bridging the Gap
    January 9, 2024 News
  • Tunisia

    Tunisian universities to host hackathon to boost DLT education
    January 9, 2024 News
  • Fox Corp.

    Fox Corp. Launches Blockchain-Based Verify Tool for Content Authentication
    January 9, 2024 News
  • Evmos

    Evmos founder to return $7.6 million worth of allocated tokens
    January 9, 2024 News
  • Environmental

    AI Revolutionizing Environmental Health Research: ECHO Discovery Unveils ComptoxAI
    January 9, 2024 Tech
  • Tech

    Cumbrian Tech Firm Embraces Renewables to Power AI Surge
    January 9, 2024 Tech
  • Finoa, a prominent crypto custodian and staking service provider based in Germany, has successfully raised $15 million in a strategic funding round. The round, co-led by Maven 11 Capital and Balderton Capital, marks a significant achievement for the company, especially in the context of the current challenging market conditions. Other participants in the round included Blue Bay Ventures, Signature Ventures, Coparion, and Venture Stars. Expansion beyond initial fundraising goals Initially, Finoa aimed to secure $5 to $6 million from its existing investors. However, the company's recent return to profitability and the heightened interest from external investors allowed it to exceed the target significantly. The fundraising success comes almost three years after Finoa's $22 million Series A funding in April 2021. Christopher May, co-founder and co-CEO of Finoa, revealed that instead of pursuing a larger Series B round, the company opted for the smaller yet strategic round to fuel its growth. A source familiar with the matter disclosed that the funding round maintained Finoa's valuation at a steady $100 million, the same as its Series A valuation in 2021. The flat valuation is notable given the turbulent market conditions that have affected many in the crypto space. Return to profitability and revenue streams Founded in 2018, the comppany faced a period of losses in 2021 and 2022 due to challenging market conditions and crypto market downturns. However, the company rebounded to profitability in the fourth quarter of 2023, driven by a market recovery and growth in its staking business. Finoa Consensus Services, its staking unit launched in May 2022, has amassed over 500 million euros in assets and now accounts for nearly 60% of Finoa's total revenue. The company supports staking for over ten blockchains and is the third-largest validator for Celestia, as per Nodes. Guru data. Finoa's flagship custody service contributes around 30% of revenue, with the remaining coming from brokerage and other services. Finoa is expanding its service offerings with the introduction of FinoaConnect, a new feature providing access to decentralized finance (DeFi) applications through its custodial wallet infrastructure. Currently in beta, the service is expected to generate additional revenue upon its full launch. Finoa's competitive edge and plans The company stands out among its competitors, like Fireblocks and Anchorage, as a qualified custodian in Europe, holding licenses from the German Federal Financial Supervisory Authority. The company, currently with a team of about 50 employees, has no immediate aggressive hiring plans. The cautious approach comes after a period of downsizing from a peak staff count of over 100 in 2021 due to market conditions. As part of the strategic funding round, Balder Bomans, the managing partner at Maven 11, has joined Finoa's board as an observer, further strengthening the company's strategic positioning in the market. Conclusion Finoa's successful fundraising and strategic decisions amidst a challenging crypto market landscape demonstrate its resilience and potential for continued growth. With its diversified revenue streams, innovative service offerings, and strong regulatory standing, Finoa

    Finoa’s Strategic Growth: $15 Million Funding at $100 Million Valuation
    January 9, 2024 News
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  • Investment

    Microsoft’s OpenAI Investment Faces Potential EU Merger Probe
    January 9, 2024 Tech
  • BitPay Expands Cryptocurrency Offerings Beyond Bitcoin

    BitPay Expands Cryptocurrency Offerings Beyond Bitcoin
    January 9, 2024 News
  • BitLicense Oversight Under Scrutiny in New York: A Deep Dive into the Comptroller’s Concerns

    BitLicense Oversight Under Scrutiny in New York: A Deep Dive into the Comptroller’s Concerns
    January 9, 2024 Regulation
  • imToken's Plea for Blacklist Removal: Engaging with Singapore's MAS

    imToken’s Plea for Blacklist Removal: Engaging with Singapore’s MAS
    January 9, 2024 Regulation
  • Crypto

    Why is the crypto market up today? BTC hovers around $47K
    January 9, 2024 News
  • Satoshi Nakamoto

    What would Satoshi Nakamoto say about spot Bitcoin ETFs? I wager disappointment
    January 9, 2024 News
  • SEC

    5 members of the SEC could potentially delay a BTC Spot ETF approval – But how, why, and who?
    January 9, 2024 News
  • Binance Pay

    Binance Pay: A year of remarkable growth in the challenging crypto landscape
    January 9, 2024 News