CoinStats, a crypto research and portfolio tracker that tracks cryptocurrency, has raised $3.2 Million in the most recent round of funding led by Alex Pack’s Hack VC. The other participants included Mike Dudas’s 6th Man Ventures, as well as a variety of other funds.
This funding will be used to create new features that will allow DeFi to reach millions more users.
CoinStats DeFi Expansion
According to a press release that was shared with CryptoPotato CoinStats intends to let its users join Decentralized Finance (DeFi) protocols, and allow them to directly allocate funds for yield via the app.
The PR stated that this move would position CoinStats to be a DeFi aggregator, and help speed up DeFi’s mainstream adoption. Despite the fact that it still has a small user base, this space continues to attract billions of high-net worth individuals.
Narek Gevorgyan (CoinStats CEO and Founder) commented on the development.
“With these new funds, our product development will be accelerated and our growth will accelerate. This will allow us to deliver better financial products for our customers.” I am grateful for the support and input of our investors. Their belief in CoinStats vision drives us forward.
According to reports, the portfolio manager increased its user base 8x by 2021 to reach 1.2 Million monthly active users. It also managed to track $500 billion in assets over the same time period. CoinStats’ revenue grew six-fold in 2021. The platform plans to offer integrated DeFi features to its users with fresh capital infusion.
Alex Pack, founder of Hack VC, also spoke.
We are proud to support CoinStats, which is the most popular crypto portfolio manager app. Crypto is the first new asset class since over a century. It is rich in tokens, NFTs and dozens upon dozens of DeFi apps and other DApps that allow investors to use their tokens. CoinStats provides the infrastructure necessary to track crypto transactions.
Pre-seed funding round
CoinStats had announced a year ago that it raised $1.2 million in pre-seed funding. Imperii Capital, Stefan Cohen and Jonathan Weiner were among the investors who participated in the event.
The platform announced earlier that it will be focusing on building new features and products as well as improving existing services.
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