Donut, a cryptocurrency investing application provider, raised $ 1.8 million in the initial round of financing.
A German startup said Thursday that the round was led by venture firm Redalpine at an early stage. Other investors were EarlyBlock and Entrepreneur First venture funds, Philip Möring and Andy Chung from AngelList, as well as board member of the bank N26 Markus Mosen and others.
The firm bases its mission on the premise that creating a portfolio of digital assets is a “daunting task” for most retail investors and thus seeks to simplify this process. The application is currently in beta testing and is expected to be launched this summer.
Donat co-founder and CEO Neil Popat said in the announcement:
“We believe that most people will store most of their wealth in digital assets over the next decade. It can be anything from cryptocurrency to partial mastery of art or possession of a piece of unique earth in virtual reality. ”
Since the company is still in the process of product development, Popat said that he could not yet provide detailed information about the crypto assets supported or the payment structure.
However, he said that the Donut target market is “cryptocurrency investors.”
“We want to make cryptocurrency more accessible to the average consumer and help them learn how to invest, cryptocurrency and the underlying technologies,” he said.
The application allows users to invest in baskets of digital assets through a “game user interface”, according to Popat, and is optimized for recurring microinvestment transactions.
With new funding, Donut announced that he plans to expand his teams of engineers and designers, as well as continue to develop his product and strengthen partnerships.
Partner Redalpine and member of the board of directors Donut Harald Nieder noted that, although digital assets have many advantages over traditional assets, they “lack a single access point for owners to conveniently store, manage and carry out transactions.”
Founded in 2018, Donut is led by former employees of Google, Accenture and N26.
