Luxembourg-based Blocktrade has become the latest cryptocurrency substitution to receive major backing from venture capitalists, offering further testify that digital asset startups are becoming a prime target for investment funds.

Individual investors across 33 countries participated in the $25.8 million, or 22 million euros, Series A round, Blocktrade announced early Tuesday in Europe. The investors were not disclosed.

Blocktrade said that the funding will go toward improving internal operations, peculiarly in the areas of security, fiat onramps and market-making. The visitor as well said it would classify more resources to growing its potential user base, too as pursue other business partnerships.

"Blocktrade is more than a classic crypto exchange: Nosotros are building a complete ecosystem around digital assets, which provides our users with much more than than just access to trading tools," said Bernhard Blaha, who was appointed the CEO of Blocktrade in late 2022.

Blocktrade was founded in 2022 but was later acquired by Cryptix AG, a Swiss venture capital firm that specializes in digital payments. Under the leadership of Cryptix, Blocktrade underwent a securities offer in early 2022, attracting investments from over half dozen,000 participants across Europe.

Crypto-focused startups have generated billions of dollars in funding this year, a attestation to the growing appeal of blockchain and cryptocurrencies amid venture capitalists and other individual investors. Exchanges accept been at the center of the funding frenzy, with the likes of Mercado Bitcoin, Bitso, FTX and Pintu generating nearly $1.iv billion in funding over the past few months.

Related: FTX smashes crypto funding tape with $900M enhance to become substitution decacorn

These companies follow on the heels of Coinbase'south massive IPO in April that farther pushed digital currency trading into mainstream consciousness.

Crypto trading is probable to intensify at present that more investors accept confirmation of a two-pronged bull market place for Bitcoin (BTC) and other assets. The BTC price smashed through $46,000 on Monday amid news that United States lawmakers are planning to innovate new crypto-focused amendments to the infrastructure bill.

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