Überstate Eyes Expansion With Seed Funding
The last few years have seen a massive influx of consumers starting to make use of cryptocurrency and fintech products in mass. Partially triggered by the pandemic and the ease that these products offer, this wave of consumer migration has meant good news for firms within that space as they are able to expand and reap the benefits.
One of these firms is Überstate, which has enjoyed a number of wins recently. The current trajectory of the company shows that it is looking to expand even more with its locations and consumers.
Überstate’s New Milestones
Uberstate is a platform that offers its users crypto-focused banking services as well as easy access to the decentralized finance world (DeFi) in order to grow their wealth. With the explosion of fintech and DeFi as of recent, the company has seen several wins.
First, its over-the-counter (OTC) crypto services have proven to be a bit hit with its users. Because OTC services allow users to buy cryptocurrency without the limits that come with buying from traditional exchanges, more freedom is allowed.
The company has also secured major financial backing after leading a $32 million seed financing round, which was supported by firms like Raises.com. This funding round came right after Überstate launched its Überstate card, but the card isn’t out yet and looking to release it by the first quarter of the next year 2022 as it’s in production. Will look to be one of the Top Tier Products along with “.ME wallet staking” product & “MicroFunds”.
“There is a massive demand for experienced sponsors who have a demonstrated track record in not only in high-finance but in architecting De-Fi products. Credit and leverage facilities from specialty finance companies as well as from alternative credit and private equity funds were also popular in the recent low-interest environment,” said Raises.com founder Natu Myers.
With this new influx of funds, the company intends to take its services further around the globe. Currently, the company is in the process of opening a new office in Dubai. There are also plans in the works of opening offices in jurisdictions like Singapore, Estonia, and Switzerland.
Given the fact that the crypto industry and fintech users are located all over the world, this expansion move could help Überstate a lot. The company is also expanding on the offerings available to its customers. One of the most popular of these has been Überstate’s RIT. 2.0, a liquidity tool that leverages staking to create capital for investments.
This tool was previously built and operated on the Ethereum blockchain but the company is looking to make it compatible with the Binance Smart Chain as well. This investment vehicle could also be coming to India as Überstate is eyeing an Indian exchange listing for RIT 2.0.
Überstate’s Future Outlook
With this new access to funding and an enthusiastic userbase behind it, Überstate is well on track to become one of the biggest firms in the crypto space.
If the company is able to expand fast enough to meet market demands, a whole new world of crypto investing could be fully explored.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Oliver Dale, @Khareem Sudlow