Startup Radar Relay Raises $ 10 Million to Develop a Decentralized Cryptocurrency Exchange
On Wednesday, the Radar Relay decentralized token exchange announced that it has completed its Series A investment round, in which it raised $ 10 million. Writes about this CoinDesk.
The lead investor in this round was Blockchain Capital, a blockchain-focused investment firm; It was also attended by Tusk Ventures, Distributed Global, Reciprocal Ventures, Elefund, Slow Ventures, SV Angel, Kindred Ventures, Collaborative Fund, Breyer Capital, V1.VC, Kokopelli, Village Global, Chapter One and Digital Currency Group.
According to startup CEO Alan Curtis, the funds will be used to expand the Radar Relay community team, as well as to launch new research and development. The previous investment round of Radar Relay took place in December 2017, and then the startup managed to raise $ 3 million. Blockchain Capital also became the leading investor that time.
Radar Relay provides an Ethereum-based token trading platform where transactions are carried out from wallet to wallet. Investors can directly connect their wallets to the platform, i.e. a startup does not need to keep funds.
The company hopes new funding will enable it to expand in the United States.
“We work with users from 150 countries. But only a third of our users are in the United States, which means that we need to build competence to work with all other countries. Some of the new funding will go to the community representatives program in these countries so that we can serve our users everywhere, ”explained Curtis..
As part of this program, Radar Relay will recruit people who are multilingual and able to provide users with the support they need. According to Curtis, the beta phase of the project has shown an increase in user activity..
“We only exited beta a month ago, and during it the transaction volume reached $ 1 million,” he said..
As such, over the next month, Radar Relay will focus on expanding the team to meet the demand for support professionals. Curtis added that his startup also plans to explore how to manage security tokens and cryptocurrency collectibles..
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