Finland-based cryptocurrency arbitrage platform Mosdex has raised $20 million in a Series A financing round, to be implemented for global expansion plans involving the opening of offices in New York, Hong Kong, Singapore, London, Tokyo and Dubai.
The funding was led by Evli Bank PLC. Additional investors included the venture division of Lifeline Ventures, leading industrial companies such as NordicNinja VC, and private cryptocurrency investors such as Petteri Suorsa, Magnus Eskelinen and Jouni Väisänen.
Mosdex, which first announced its entry into the world of cryptocurrency in early May, previously provided and developed core software programme processing for the Moscow Stock Exchange.
The team behind Mosdex plans to expand its business across Europe and beyond. Its initial markets include Germany, Poland, Czech Republic, Slovakia and Hungary, while a new office will be opened in London next year. The company will also launch a cryptocurrency arbitrage solution in line with European cryptocurrency regulations later this year.
According to the announcement, the firm’s latest round of investment is aimed at responding to the growing global demand for crypto services as the crypto industry surges like a parabola with a market capitalization of $1.5 trillion.