German Crypto App Provider Donut Gathers $1.8 Million in Seed Funding Round
The cryptocurrency investment app Donut has recently raised $1.8 million in a seed funding round. Some of the companies that participated were Readalpine, EarlyBlock, and Entrepreneur First, among others. The information was released by CoinDesk a few days ago.
Donut Raises $1.8 Million In Seed Funding Round
Donut co-founder and CEO, Neel Popat, explained that in a decade, individuals will have most of their funds stored in digital assets. The believes that creating a digital asset portfolio is a “daunting task” for retail investors. Thus, the intention is to make it easier for them to invest in virtual currencies.
On the matter, Popat commented:
“We believe most people will have the majority of their wealth stored in digital assets within the next decade. That could be anything from cryptocurrencies to fractional ownership of art or owning a piece of unique land in virtual reality.”
There are different projects that are starting to work in this direction, for example, Decentraland (MANA) has created a virtual world in which individuals and interested parties can purchase virtual parcels of land.
Thus, the firm wants to “empower everyone” as investors in the near future. Popat explained that he could not provide details on supported cryptocurrencies or the fee structure that they are planning to have.
As Popat explained, Donut’s target market is “first-time” cryptocurrency investors. The goal is to make cryptocurrencies available for the average consumer. They also want to educate them and help them in making investment decisions.
Users will be able to invest in different baskets of digital currencies using a gamified user interface. At the same time, the application is optimized for recurring micro-investing as well, allowing smaller investors to place their funds in virtual currencies.
Both, Redalpine and Donut board member Harald Nieder, commented that cryptocurrencies have many benefits over traditional assets. However, they explained that they do not have a single access point for holders to store, manage and transact these digital assets.
In the future, this application could be used by investors to have access to the cryptocurrency market and be integrated into the digital currency space.