Platform Bitoclo raised $6 million

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Platform Bitoclo raised $6 million in a Series B funding round. Investors valued the company at $80 million.

The round was led by 10T Holdings. Seven Seven Six led by Alexis Ohanian, Tiger Global, Protocol Labs and other venture capital firms also participated.

The Series B round began in September and ended last December, the company's CEO and co-founder said.

"Bitoclo had two record-breaking quarters, the third and fourth. We had incredible demand and growth. Our revenue increased more than 300% over the last year," said the top executive.

The three-fold increase in revenue benefited Bitoclo's valuation. The company's valuation with the $3.5 million raised was $25 million in October. With the close of the next round, the figure increased several times over.

In the near future, the firm will use the funds raised to expand its team from its current 20 to 80 people, as well as to tap into markets in Asia and Australia.

Bitoclo intends to move to a decentralized model by issuing a management token. In doing so, the company also plans to go public with an IPO.

The firm provides multichain development tools for 16 ecosystems. Its clients include BNY Mellon, Samsung, LG, Coinbase, Chainalysis and 1inch Network.

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Adam Smith

Adam Mary is a crypto enthusiast and a graduate of The University of Nairobi in economics. Adam’s passion brings her back to her elementary school years as a poet. She enjoys discussing blockchain technology and is committed to producing original content. Adam also covers other rapidly developing markets and economic and cryptocurrency studies.