Friday, 03 September 2021 21:22

Cabital secures $4 million in seed round

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Billing itself as "crypto without the crazy", Cabital says "Cabital Earn is an innovative new investment opportunity that helps you earn sensible returns from crypto assets without unreasonable risks and costs", and the company has just secured new funding.

Cabital, a digital assets institution, has announced raising US $4 million in its seed funding round.

Cabital’s successful seed round was led by SIGDragonfly, and GSR, increasing the firm’s valuation to $40 million.

The company says the funding will "support its growth ambitions in Europe, help onboard senior talent and further develop its proprietary digital wealth management platform. Previously, Cabital has raised $3 million in an angel round of funding.

To capture the immense opportunities across Europe, Cabital advises it will add SEPA (Single Euro Payments Area) to its list of payment methods, allowing customers to seamlessly move between euros and crypto by the end of Q3.

While some firms require up to €1,000 as a minimum deposit and only allow users to buy cryptocurrencies with euro, Cabital says it won’t require a minimum and maximum deposit amount and will allow its customers to make deposits in euro, as well as withdraw their earnings in euro.

The company explains this will enable customers in the European Union to on-ramp with EUR into digital assets and off-ramp with cryptocurrencies into EUR, making Cabital "not only a trusted on-and-off ramp solution but also the digital wealth management platform of choice for Europeans."

In addition, we're told "Cabital does not issue any native tokens and thus our customers avoid any hidden fees associated with staking platform tokens, as well as they avoid market volatility risks. Still, Cabital offers up to 12% APY on savings in cryptocurrencies by sharing up to 80% of their investment income with customers."

Raymond Hsu, Co-founder and Chief Executive Officer, said: “Today, Cabital crossed an important milestone in our journey to build an alternative and safe financial industry. Our purpose is to simplify investing in the crypto world for everyday investors, with a product that’s simple, secure, and sensible.

"Regardless of whether you’re a new or an experienced investor, we help you get more out of your digital assets to get you closer to your life goals sooner. Cabital’s successful seed round is a testament that we are in the right business, with the right product and the right strategy, and we will continue to deliver on our promise of helping more people across the world reach their financial goals.”

Lu Guo, SIG’s Partner, said: “We’ve decided to lead Cabital’s seed round of funding as we see a massive surge in crypto investment. As cryptocurrency is now coming into the mainstream, Cabital is proposing new investment opportunities for crypto-wealth management products, which will meet regulatory compliance standards while maintaining strong leadership in this growing market that’s increasingly globalised.”

So, what is Cabital's main product?

The company says it is called "Cabital Earn, a cryptocurrency wealth management platform that enables customers to acquire higher returns on their investments in cryptocurrencies of up to 12% APY. Customers can subscribe to flexible and fixed-term savings plans in USDT, BTC, and ETH.

"Cabital removes the complexity of the user directly participating in DeFi, where users have to constantly track and move their assets across different initiatives (while being wary of scams and fraud) to maximise their returns. Instead, the customer just has to put their crypto assets with Cabital, and Cabital lends these assets to major DeFi platforms with well-established TVL (total value locked) and extensive audit history, such as AAVE and Curve.

"At the same time, Cabital ensures the lowest risks possible through multilateral analysis of all available investment options combined with additional checks by experienced investors, lawyers, engineers, and financial analysts who’ve worked with major banks and tech companies. Cabital proceeds with investing only when a project passes all quantitative and qualitative tests and gets approval from the expert team. Thanks to that, Cabital can combine the high yield of crypto with low risks and efficient strategies associated with major financial institutions."

What about security?

Cabital explains it is protected by Fireblocks, which it says is "one of the most secure wallet solutions in the industry," with more than 500 institutions such as Revolut, eToro, and Crypto.com relying on Fireblocks' infrastructure, meaning it secures more than $1 trillion in digital assets.

Even in the event of an attack, we're told access to Cabital’s wallet is protected by an algorithm that calculates the key to unlock Cabital’s assets on Fireblocks, and authorisation is needed to move the asset.


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Alex Zaharov-Reutt

Alex Zaharov-Reutt is iTWire's Technology Editor is one of Australia’s best-known technology journalists and consumer tech experts, Alex has appeared in his capacity as technology expert on all of Australia’s free-to-air and pay TV networks on all the major news and current affairs programs, on commercial and public radio, and technology, lifestyle and reality TV shows. Visit Alex at Twitter here.

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