Hashdex Raises $26 Million In A New Funding Round From Investors

Hashdex, the Rio de Janeiro-based crypto asset manager, has raised $26 million in a new funding round from investors.

It has been reported that venture capital firm Valor Capital Group led the funding round with participation from Coinbase Ventures — the VC arm of American exchange giant Coinbase — and SoftBank. 

However, the $26-million capital influx comes as Hashdex is set to pursue its expansion outside Brazil. Indeed, the company is reportedly planning to open as many as 75 new locations across the world before the end of the year.

The report said that Hashdex also wants to increase its crypto offerings catalog with co-founder Marcelo Sampaio stating that investors are warming up to cryptocurrencies.

Hashdex, the Rio de Janeiro-based crypto asset manager, has raised $26 million. Coinbase and SoftBank participated in this funding round. — Cointelegraph (@Cointelegraph) May 12, 2021

Earlier, Hashdex teamed up with Nasdaq to issue a crypto exchange-traded fund product in Bermuda back in September 2020. The Bermuda Stock Exchange approved the composite crypto ETF in February 2021. Hashdex also teamed up with Nasdaq to create the Nasdaq Crypto Index for cryptocurrencies with the most liquidity on major exchanges and custodians such as Coinbase, Kraken, BitGo, and Fidelity.

The NCI consists of six cryptocurrencies, namely: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Chainlink’s LINK, and Stellar (XLM).

Thus, Brazil and Canada remain the only two countries to approve a Bitcoin ETF, with several BTC ETF hopefuls submitting applications in the United States.

Source: Cointelegraph | Image: Gov Sense


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