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Zurich-based Wyden, a digital asset buying and selling firm, introduced on Wednesday, November 13, that it has secured $16.9M (roughly €15.9M) in a Collection B funding spherical led by Truffle Capital, a Paris-based international fintech funding agency.
New traders PostFinance, SBI-Sygnum-Azimut Digital Asset Alternative Fund, and FiveT Fintech, in addition to current investor C3 Enterprise Capital, additionally participated within the spherical.
Fund utilisation
Wyden will use these funds to develop strategically by specializing in new markets and increasing its providers for banks, brokers, and exchanges.
The corporate goals to enter markets the place digital property have robust regulatory requirements, just like the EU, Switzerland, Turkey, the UAE, Singapore, Hong Kong, Brazil, and different key areas.
In 2025, the Swiss firm plans so as to add as much as 20 extra banks, brokers, and exchanges to its ecosystem.
To help this, it would develop its staff to 100 professionals, specializing in bettering gross sales, advertising and marketing, product growth, and supply, significantly in Poland.
By enhancing its groups, Wyden goals to hurry up product growth and enhance gross sales, setting the stage for future progress.
The announcement comes a couple of weeks after launching its flagship product — Wyden Infinity, a cloud-native, end-to-end digital asset buying and selling and banking system created to help the digital asset wants of banks and brokers.
Andy Flury, founder and CEO of Wyden, provides, “We’re thrilled to solidify our place as a worldwide chief in institutional digital asset buying and selling infrastructure with this Collection B funding. Mixed with our flagship product Wyden Infinity, we’re properly outfitted to satisfy the surging demand for safe and environment friendly buying and selling infrastructure for regulated monetary providers establishments.”
Wyden: Supplier of digital asset buying and selling expertise
Based by Andy Flury, Wyden is a supplier of digital asset buying and selling expertise for establishments.
The platform simplifies digital asset buying and selling by managing your complete commerce course of and integrating with custody providers, banking methods, and portfolio administration.
The corporate is predicated in Zurich and has product hubs in Poland, together with places of work in Singapore and New York.
Present shoppers embody well-known banks and on-line brokers like Banque Delubac (France), Smartbroker+, Baader Financial institution (Germany), Luzerner Kantonalbank, and InCore Financial institution (Switzerland), together with different main banks.
As per the corporate’s claims, it’s in discussions with potential Tier 1 and Tier 2 banks and brokers which can be making use of for CASP licenses in France, Italy, Spain, Germany, and Turkey.
The investor
Truffle Capital is an unbiased European enterprise capital agency specialising in disruptive applied sciences within the IT sector (Fintech and Insurtech) and Life Sciences (Medtech and Biotech).
Truffle Capital’s mission is to help the creation and growth of younger, revolutionary corporations with the potential to change into tomorrow’s pioneer.
At the moment, the corporate manages €500M beneath property and has raised over €1.2B since its founding.
Truffle Capital has supported greater than 120 corporations throughout digital expertise and life sciences sectors.
Alexis Le Portz, Companion at Truffle Capital, provides, “Wyden’s spectacular institutional consumer base and revolutionary platform underscore its management on this house. As digital asset laws evolve, Wyden stands out because the premier selection for banks and brokers, reflecting a strategic alternative for Truffle Capital.”
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