OpenTrade, an innovative infrastructure platform from London specializing in stablecoins, has recently completed a significant funding round, raising $17 million. The investment saw participation from major names such as Mercury Fund and Notion Capital, with additional contributions from a16z Crypto, AlbionVC, and CMCC Global. This brings the total capital raised by OpenTrade to over $30 million.
How will the new funds be utilized?
The fresh injection of capital will be strategically used to broaden OpenTrade’s platform capabilities and increase its reach. Part of the focus will be on improving both permissioned and permissionless infrastructure while bolstering their asset management and trading expertise. Additionally, the funding will fuel additional hiring and continue the development of their platform, enhancing its robustness and scalability.
What is the scope of OpenTrade’s target audience?
OpenTrade primarily caters to fintech entities, cryptocurrency exchanges, digital wallets, and institutional investors. By providing a solid technical foundation, the platform enables these organizations to offer stablecoin-backed yield products to their clients. As of now, OpenTrade oversees $5.67 million in total value locked, with transaction volumes crossing $250 million this year.
OpenTrade CEO and co-founder David Sutter remarked, “OpenTrade has made it much easier for fintechs and next-gen banks to seamlessly integrate institutional-grade stablecoin yields into their products.” He further shared plans to expand services to include non-custodial platforms, corporate treasuries, and asset issuers, aiming to securely connect stablecoins to various yield strategies.
The current trends in the stablecoin market are noteworthy, with global supply now surpassing $310 billion. This burgeoning growth highlights the need for new infrastructure solutions that meld traditional and decentralized finance, a demand OpenTrade strives to fulfill by supporting stablecoin products tied to real-world assets.
OpenTrade is strategically aligning to meet demand by offering secure and efficient access for fintech companies and institutional entities eager to provide stablecoin yields. The integration of platforms backed by real-world assets is expanding the scope of stablecoin applications, enhancing their utility in the financial domain.
- OpenTrade has $5.67 million in assets under its management.
- 2023 saw transaction volumes above $250 million on their infrastructure.
- The global supply of stablecoins exceeds $310 billion, reflecting market expansion.
Among the notable backers, a16z Crypto boasts a global presence with a history of supporting tech ventures. European investors Mercury Fund and Notion Capital are recognized for their contributions to fintech. OpenTrade intends to leverage this network to drive product development and expand its influence in the crypto space.
