Nano, the blockchain startup that has been on a bit of a tear in the crypto space, has announced it has raised a $10 million Series A round of funding.
The funding comes as Nano aims to build out a product that can be used to automate the trading of cryptocurrencies across the blockchain.
“We’ve seen exponential growth in the cryptocurrency space over the last year,” said Nano co-founder and CEO Yevgeny Vasilev.
“Our aim is to provide an easy way to manage, store, and exchange cryptocurrencies without a single third party.”
The company, which is headquartered in Russia, is currently building its own blockchain platform and hopes to have it ready to go for trading within a year.
Nano has seen a rapid rise in popularity over the past year as its technology has allowed for more automated and efficient ways to trade cryptocurrencies.
The company has already launched an app to allow users to trade Bitcoin, Ethereum, and Litecoin with the ease of a credit card.
Vasileva said that his company’s blockchain-based technology will help Nano build out an app for its own cryptocurrency trading platform that will enable it to provide a much wider range of cryptocurrencies to its customers.
“If we are successful, we’ll be able to offer a range of crypto-trading services for our customers,” Vasileval said.
“But we’re not here to build a cryptocurrency trading app.”
Vasilelev said the company will continue to work on its own proprietary blockchain platform.
“At this point, we are in the very early stages of building a blockchain-powered platform for our own cryptocurrency exchange.
But we will be able, with our own technology, to offer more advanced trading services to our customers.”
The funding brings Nano to the $1.2 billion level of investment that it has made in the past two years.
The Series A is the company’s first round of financing and comes after it raised $50 million from a number of big names in 2017.
Vasiliev said he expects to launch the company in the next two years, with the company aiming to release the software and services in 2018.
“It’s very important to us to be open and transparent,” he said.
Vasilyv said that the team plans to continue to grow its technology, adding that the company is now planning to offer “a full range of digital assets and services.”
The team hopes to offer its blockchain-driven platform to a wider range in the near future.