Crypto Investment App Donut Gets $1.8M In Seed Funding
Donut, which is a crypto investment app provide, has managed to raise at least $1.8 million in its seed funding round. Here is everything about it in a nutshell.
Cultivating Crypto Investors
According to the official report, the Germany-based firm said that the round was led by Redalpine, an early-stage venture capital firm. Other investors included in the technology-based venture funds are Entrepreneur First, Andy Chung, AngelList’s very own Philip Moehring, EarlyBlock, and N26 bank board member Marcus Mosen, among others.
The startup bases its mission on the idea that the creation of a crypto portfolio is a rigorous task, calling it as far as a “daunting” work for most retail investors. As such, it hopes to make the overall process a lot easier than usual. The app is currently in beta and is set to go wide on public come summer this year.
According to Neel Popat, the co-founder and CEO of Donut, he believes that most individuals will obtain a vast portion of their wealth stored in digital assets. He says that this narrative can potentially happen in the next decade and this could be anything from cryptos to small ownership of a unique space in virtual reality.
Popat added that Donut is all about empowering people to become a successful investor in the future. And since the startup is still in its product development phase, he declined to provide more details either support digital currency assets or fee structure.
Targeting ‘First-Time’ Crypto Investors
However, the executive claimed that the firm’s target market is going to be “first-time” cryptocurrency investors. Their goal is to make cryptocurrency investing more accessible, especially to average users. At the same time, they believe that their product could help in educating these individuals about crypto, investing, and other underlying technologies.
By essence, the app is specifically designed to let users invest in an array of digital assets via a so-called “gamified user interface.” More importantly, it has been optimized for all micro-investing transactions deemed recurring.
With the new funding, Donut is expected to grow its design and engineering teams. More importantly, it will not have the opportunity to develop its product and toughen partnerships.
Redalphine partner Harald Nieder, who is also a board member at Donut, said that digital assets do offer a handful of benefits when compared to traditional assets. However, there is a lack of a single access point for holders, allowing them to manage, transact, and store with ease.