Donut, a Berlin-based startup building a cryptocurrency investment app, recently announced that it has closed a $1.8 million seed round led by Redalpine.
Last week we were proud to announce our Seed funding round. But this is just the beginning of our journey to democratise access to digital assets … ?
— Donut ? (@trydonut) February 14, 2019
According to the announcement, Donut launched roughly 10 months ago with the goal of making interaction with the digital asset ecosystem as fun and engaging as possible. This is driven by the personal experiences of the founders, who feel that traditional banking tech stacks ultimately result in the end user feeling disengaged.
“We want to empower everyone, irrespective of wealth, knowledge or location, to become an investor into the digital asset ecosystem,” said the Donut team in the announcement.
With the additional funds, Donut plans to grow its engineering and design teams, launch early access to the Donut Test Kitchen in summer 2019 and invest in a better UX and brand to facilitate the platform’s gamified approach.
There is currently no timeline available for the launch of its app. Based on an interview last month with Gründerszene and a survey given to early access signups on the website, Donut could end up going a number of different directions with the final app, including an Acorns-like investment solution.
Donut also raised an undisclosed amount from pre-seed investor Entrepreneur First.
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.