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CoinStats Raises $3.2M, Aiming to Become the Frontpage of DeFi

Cryptocurrency Apr 12, 2022 09:00AM ET
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CoinStats Raises $3.2M, Aiming to Become the Frontpage of DeFi

  • CoinStats, the famous crypto portfolio tracker, starts a fundraising.
  • The raise comes after the platform’s user base accomplished a growth of 8x during only one year.
  • The round was led by Hack VC along with other participants.

The well-known crypto portfolio tracker, CoinStats, has raised $3.2 million from leading investors as it executes a pivot to enable DeFi use cases for its 1.2 million active users. The step pushed DeFi to its new limits, as implied by the platform’s Media Department.

The round was led by Hack VC, along with participation from a number of other funds, including Mike Dudas’ 6th Man Ventures. The funding is instrumental in financing the development and promotion of CoinStats’ new killer features, which aim to expand DeFi to millions of users.

This comes after a magnificent year for CoinStats, where its user base increased by 8x in 2021 to reach 1.2M monthly active users, cumulatively tracking $500 billion worth of assets, $20 billion of which are guaranteed to exist via synchronized exchange accounts.

This resulted in CoinStats boosting its revenue by six times in 2021, which helped set it up for a new product line in 2022. The platform will grasp its strength and user acquisition success to bring integrated DeFi features to its users.

The CoinStats app will enable its users to join DeFi protocols and directly place funds on them in order to earn yield. This makes CoinStats a DeFi aggregator, directing the millions of total users to the protocols listed on the app, which are curated to be the most profitable and safe opportunities in DeFi.

This can help push DeFi to the mainstream as the sector remains relatively growing in terms of the number of users, despite attracting billions from high net worth individuals.

Narek Gevorgyan, Founder & CEO of CoinStats, commented.

With the new funds, we will expedite our product development and growth delivering better financial products to our users. I immensely value the input and support of our investors, their belief in CoinStats’ vision propels us forward.

“We’re proud to back CoinStats, the largest crypto portfolio manager app in the world,” said Hack VC Founder Alex Pack, as she commented on the fundraising.

She also added “Crypto is the first truly new asset class in over a century and it is diverse, with thousands of tokens, NFTs, and dozens of DeFi applications and other DApps where investors can use their tokens. CoinStats has built the essential infrastructure to allow users to truly track what they do with their crypto.”

Continue reading on CoinQuora

CoinStats Raises $3.2M, Aiming to Become the Frontpage of DeFi
 

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