Quick take:
The company plans to use the new capital to accelerate its growth and build more products.
Some of the funding will also go towards enhancing client success by ensuring seamless integration for Fintech companies.
OpenTrade allows asset managers to create yield-bearing lending products on the blockchain.
OpenTrade has raised $4 million in an extended funding round led by AlbionVC. The fundraising also attracted participation from a16z Crypto and CMCC Global.
OpenTrade plans to use the fresh capital to expand its product offerings and accelerate its growth. “This funding allows us to continue on our growth trajectory, building products for some of the biggest and most important leaders in the space,” OpenTrade CEO David Sutter said in a statement.
OpenTrade is built on Circle, the digital assets firm behind the USDC stablecoin. The platform allows asset managers to create yield-bearing lending products on the blockchain.
Commenting on his company’s leading role in the funding, Jay Wilson, Partner at AlbionVC said: Stablecoin yield products are in high demand right now, but many businesses don’t know where to start in terms of building their own offering. That’s the gap in the market filled by OpenTrade who are building a core piece of infrastructure, offering a seamless and safe solution for partners to build and operate their own leading stablecoin yield products.”
OpenTrade claims to have processed over $100 million in transactions to date and has helped crypto futures and spot trading platforms like Woo X launch USD-denominated wealth-building opportunities to over 100,000 users.
Some of the new funding will also go towards revamping client success systems by ensuring “seamless onboarding and operational integration for FinTechs, payment providers, and neobanks,” the company said.
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