Institutions need a place to store their crypto assets. They’re not going to keep it on some haphazard or consumer-grade crypto operation, either. This necessitates the use of more advanced technology. Furthermore, being based in the EU will be a significant barrier to entrance for many operations situated in the United States or Asia.
Finoa, a Berlin-based digital asset custody and financial services platform, has raised $22 million in a Series A fundraising round to achieve this goal.
Balderton Capital led the investment, which included current investors Coparion, Venture Stars, and Signature Ventures, as well as an unnamed investor.
Importantly, the Berlin-based business works with Dapper Lab’s FLOW protocol, as well as NEAR and Mina, which are quickly becoming crypto asset standards. They’re battling against big names like Anchorage, Coinbase Custody, and Bitgo, as well as exchanges like Binance and Kraken and self-custody services like Ledger.
T-Systems, DeFi-natives like CoinList, & financial institutions like Bankhaus Scheich are among Finoa’s more than 250 customers, according to the company.
According to the company, it plans to become a regulated platform for institutional investors and corporations to handle their digital assets, and it has secured a preliminary crypto custody licence from the German Federal Financial Supervisory Authority (BaFin).
Christopher May and Henrik Ebbing formed the company in 2018, however they had previously worked together at McKinsey and began working with blockchain in 2017.
“We’re thrilled to have established Finoa as Europe’s top gateway for institutional involvement,” May said, “and we’re tremendously excited to drive our expansion even further.” We’re excited to support new and intriguing protocols and initiatives, as well as empower novel business use cases and expand our platform’s (decentralised) financial goods and services.”
The direct listing of Coinbase changes the scene for finance and crypto companies.
“Chris, Henrik, & the entire Finoa team have established a truly outstanding firm that marries the greatest levels of expertise with radical innovation,” stated Colin Hanna, principal at Balderton Capital, who oversees the majority of Balderton’s Crypto investments. Finoa must be trusted with both the secure maintenance of digital asset private keys and the goods and services that allow their clients to fully exploit the power of native digital assets as custodians of those keys. They have put together a team that is exceptionally qualified to do precisely that.”
“We observed a paucity of sophisticated custody and asset service solutions for preserving and administering blockchain-based digital assets that adequately satisfy institutional investors’ expectations,” May noted. Finoa is filling the void by offering seamless, secure, and regulated access to the world of digital assets.
“Being a member of the European Union necessitates a fundamentally different organisational design, and new incumbents and other participants from outside the EU face a steep learning curve.” Few have succeeded in doing what Finoa has done in a European environment, which is why we now consider ourselves as a leader.”
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