Platform Cryptobitnes raised $6 million

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Platform CryptoBitnes 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.

"CryptoBitnes 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 CryptoBitnes'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.

CryptoBitnes 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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Megan Sheets

Megan is an adventurous person who likes to explore topics in-depth and learn new things each day. His passion lies in gaining knowledge to help transform the world through his writing skills. He also believes in blockchain technology and its potential to usher in a cashless society. Currently, he is pursuing a Computer Science Bachelor’s degree driven by his fascination with emerging technologies. He has writing experience of about three years in different fields and two in blockchain technology.