Brazilian crypto asset manager raises Hashdex has reportedly secured around $26m in a new funding round from investors including SoftBank and Coinbase.
The Rio de Janeiro-based firm raked in a majority of the new capital from Valor Capital Group, Bloomberg reported.
In addition to SoftBank and Coinbase, the round saw participation from Brazil’s Igah Ventures, Globo Ventures and Canary.
Founded in 2018 by former Microsoft executive Marcelo Sampaio and Bruno Caratori, Hashdex manages over $765m (BRL 4 bn) in assets.
Earlier this year, the firm’s first crypto exchange-traded fund, Hashdex Nasdaq Crypto Index Fundo de Indice, was listed in Brazil’s local exchange.
The company is planning to use the new capital to propel its expansion outside of Brazil.
Hashdex CEO Sampaio said the capital injection will enable the firm to open new offices internationally. The company also has plans to raise its headcount from 25 to 100 by the end of the year.
“Investors are still getting to know crypto and we see room to offer more products in Brazil,” Sampaio told the new agency in an interview.
Accelerating shift towards crypto
The growing demand for cryptocurrency products and services have made traditional financial companies to jump into the crypto bandwagon.
Recently, reports emerged about Goldman Sachs is offering new bitcoin derivatives to investors to further accelerate its push into the $1 trillion bitcoin market.
In March this year, BNY Mellon participated in a Series C financing round for crypto startup Fireblocks, joining the queue of financial firms jostling for space in the crypto realm.
This February, Swiss private bank Bordier & Cie partnered with Sygnum to help its customers buy, hold and trade virtual currencies.
In January, Crypto Finance Group implemented its brokerage solution for crypto assets with some Avaloq banking clients.